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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 |
2018 crop: 65% sold 2019 crop: 10% sold via hedge-to-arrive contracts for harvest delivery |
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Hedgers -- cash sales
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2018 crop: 65% sold 2019 crop: 10% sold via hedge-to-arrive contracts for harvest delivery |
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Hedgers - futures/options
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No positions |
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On May 20, July corn futures hit our order at $3.89 to sell 15% of 2018-crop in the cash market. You should have standing orders to sell another 15% of 2018-crop in the cash market if July futures hit $3.99. You should also have standing orders to sell 10% of 2019-crop via hedge-to-arrive contracts if December futures hit $4.15 and another 10% at $4.30. |
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Soybeans |
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| Cash-only marketers |
2018 crop: 40% sold |
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Hedgers -- cash sales
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2018 crop: 40% sold |
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Hedgers - futures/options
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35% hedge in July soybean futures at $8.96. |
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You should have standing orders to sell 15% of 2018-crop in the cash market if July soybean futures hit $8.70. You should also have standing orders to sell 10% of expected 2019-crop via hedge-to-arrive contracts for harvest delivery if November futures hit $9.00. Make sure you cancel all previous orders. |
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Wheat |
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| Cash-only marketers |
2018 crop: 90% sold |
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Hedgers -- cash sales
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2018 crop: 90% sold |
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Hedgers - futures/options
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No positions |
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On May 20, July SRW wheat futures hit our order at $4.76 to sell another 10% of 2018-crop in the cash market. We are willing to be a little more patient for now on selling remaining old-crop inventories and increasing 2019-crop sales. |
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Cotton |
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| Cash-only marketers |
2018 crop: 70% sold 2019 crop: 35% sold |
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Hedgers -- cash sales
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2018 crop: 70% sold 2019 crop: 35% sold |
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Hedgers - futures/options
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2018 crop: 15% hedge in July cotton futures at 75.91 cents 2019 crop: 15% hedge in December cotton futures at 74.78 cents |
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| You should maintain the hedges in July and December futures, but be ready to exit if the market confirms a short-term low. We are willing to wait on an extended rebound to advance old-crop cash sales. | ||
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Livestock |
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| Cattle |
1st qtr. 2019 |
0% |
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2nd qtr. 2019 |
0% | |
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3rd qtr. 2019 |
0% | |
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4th qtr. 2019 |
0% | |
| Futures are undervalued. Wait on a strong price recovery before considering hedges. | ||
| Hogs |
1st qtr. 2019 |
0% |
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2nd qtr. 2019 |
0% | |
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3rd qtr. 2019 |
0% | |
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4th qtr. 2019 |
0% | |
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Continue to carry all risk in the cash market until futures signal the upside is exhausted. |
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Feed |
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| Corn |
2nd qtr. 2019 |
Coverage in cash through the end of June. |
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3rd qtr. 2019 |
0% | |
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4th qtr. 2019 |
0% | |
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1st qtr. 2020 |
0% | |
| You should have all corn-for-feed needs covered in the cash market through the end of June. We are targeting a drop to $3.60 or lower in July corn futures for extending coverage. | ||
| Meal |
2nd qtr. 2019 |
Coverage in cash through mid-July. |
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3rd qtr. 2019 |
0% | |
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4th qtr. 2019 |
0% | |
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1st qtr. 2020 |
0% | |
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You should have all soybean meal needs covered in the cash market through mid-July. You should wait until July meal futures drop to $295 or lower to get current with advised meal coverage. |
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Pro Farmer's Daily Advice Monitor
Posted on 05/20/2019 2:03 PM
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