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- Sept. 24: No changes.
- Sept. 23: Increase 2020-crop soybean and cotton sales. Details below
- Sept. 22: No changes.
- Sept. 21: No changes.
- Sept. 18: No changes.
*Note: Check below daily to see if we recommend catch-up sales for individual markets.
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Corn |
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Cash-only marketers |
2020 crop: 50% forward sold for harvest delivery |
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Hedgers — cash sales |
2020 crop: 50% forward sold for harvest delivery |
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Hedgers — futures/options |
2020-crop: 20% hedge in short December corn futures at $3.37 1/2 |
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Get current with advised sales. |
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Soybeans |
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Cash-only marketers |
2020 crop: 75% forward sold for harvest delivery |
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Hedgers — cash sales |
2020 crop: 75% forward sold for harvest delivery |
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Hedgers — futures/options |
No position |
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Get current with advised sales. The flat price structure in the market argues to have soybeans sold by harvest instead of storing them. |
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Wheat |
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Cash-only marketers |
2020 crop: 75% sold 2021 crop: 30% forward contracted for harvest delivery |
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Hedgers — cash sales |
2020 crop: 75% sold |
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Hedgers — futures/options |
20% 2020-crop hedge in short December SRW futures at $5.09 |
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Get current with advised sales. |
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Cotton |
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Cash-only marketers |
2020 crop: 40% forward sold for harvest delivery. |
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Hedgers — cash sales |
2020 crop: 40% forward sold for harvest delivery. |
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Hedgers — futures/options |
No position |
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Get current with advised sales. We intend to sell more 2020-crop on a close below 64.00 cents in December futures or a push up to the 68.00- to 70.00-cent range. |
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Livestock |
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Cattle |
3rd qtr. 2020 |
0% |
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4th qtr. 2020 |
0% |
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1st qtr. 2021 |
0% |
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2nd qtr. 2021 |
0% |
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Carry all risk in the cash market for now. While futures are showing a short-term top, we feel downside risk should be limited from current levels. |
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Hogs |
3rd qtr. 2020 |
0% |
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4th qtr. 2020 |
25% |
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1st qtr. 2021 |
25% |
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2nd qtr. 2021 |
0% |
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You should have hedges covering 25% of fourth-quarter production in December lean hog futures at $61.625 and 25% of first-quarter production in February lean hog futures at $67.65. |
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Feed |
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Corn |
3rd qtr. 2019 |
0% |
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4th qtr. 2020 |
0% |
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1st qtr. 2021 |
0% |
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2nd qtr. 2021 |
0% |
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You should be hand-to-mouth on corn-for-feed needs for now. We'll wait on a price pullback to extend coverage. |
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Meal |
3rd qtr. 2020 |
100% |
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4th qtr. 2020 |
0% |
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1st qtr. 2021 |
0% |
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2nd qtr. 2021 |
0% |
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You should have all soybean meal needs covered in the cash market through the end of September. |
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