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*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 |
2019 crop: 50% sold |
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Hedgers -- cash sales
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2019 crop: 50% sold |
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Hedgers - futures/options
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No positions |
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You should have a standing order to sell another 15% of 2019-crop in the cash market if May futures hit $3.75. Also be prepared to make initial 2020-crop sales. We may add defensive hedges if May futures violate support at $3.32. |
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Soybeans |
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| Cash-only marketers |
2019 crop: 50% sold |
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Hedgers -- cash sales
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2019 crop: 50% sold |
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Hedgers - futures/options
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No positions |
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You should have a standing order to sell another 10% of 2019-crop in the cash market if May futures hit $8.92. We don't want to make initial 2020-crop sales below the spring crop insurance price level of $9.17. Futures have rolled over, which may lead to short-term defensive hedges. |
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Wheat |
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| Cash-only marketers |
2019 crop: 90% sold 2020 crop: 30% forward-sold via HTAs for harvest delivery |
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Hedgers -- cash sales
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2019 crop: 90% sold 2020 crop: 30% forward-sold via HTAs for harvest delivery |
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Hedgers - futures/options
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No positions |
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With old-crop gambling stocks down to 10%, we will be selective with additional sales. Also, wait on additional new-crop sales at this time. |
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Cotton |
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| Cash-only marketers |
2019 crop: 65% sold |
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Hedgers -- cash sales
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2019 crop: 65% sold |
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Hedgers - futures/options
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No positions |
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| Wait on an extended price recovery to make sales. We'll reevaluate market conditions after the coronavirus situation settles. | ||
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Livestock |
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| Cattle |
4th qtr. 2019 |
0% |
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1st qtr. 2020 |
0% | |
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2nd qtr. 2020 |
0% | |
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3rd qtr. 2020 |
0% | |
| Carry all risk in the cash market for now with futures sharply below the cash market. | ||
| Hogs |
4th qtr. 2019 |
0% |
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1st qtr. 2020 |
0% | |
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2nd qtr. 2020 |
0% | |
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3rd qtr. 2020 |
0% | |
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Continue to carry all risk in the cash market. Be prepared to hedge the next corrective move higher. |
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Feed |
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| Corn |
2nd qtr. 2020 |
Coverage in the cash market through May. |
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3rd qtr. 2020 |
0% | |
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4th qtr. 2020 |
0% | |
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1st qtr. 2021 |
0% | |
| You should have all corn-for-feed needs covered in the cash market through the end of May. | ||
| Meal |
2nd qtr. 2020 |
Coverage in the cash market through mid-April. |
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3rd qtr. 2020 |
0% | |
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4th qtr. 2020 |
0% | |
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1st qtr. 2021 |
0% | |
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You should have all soybean meal needs covered in the cash market through mid-April. Be prepared to extend coverage on the price pullback. |
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Pro Farmer's Daily Advice Monitor
Posted on 04/03/2020 1:56 PM
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