Pro Farmer's Daily Advice Monitor

Posted on 04/09/2021 1:30 PM

advice

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  • April 9: No changes.
  • April 8: No changes.
  • April 7: Extend feed coverage. Details below. 
  • April 6: No changes.
  • April 5: No changes.

*Note: Check below daily to see if we recommend catch-up sales for individual markets.

Corn

Cash-only marketers

2020 crop: 80% sold

2021 crop: 20% forward sold for harvest delivery 

Hedgers — cash sales

2020 crop: 80% sold

2021 crop: 20% forward sold for harvest delivery 

Hedgers — futures/options

No positions

Get current with advised 2020- and 2021-crop sales. We'll likely hold remaining 2020-crop inventories into at least spring planting, unless there are signs of a major top.

Soybeans

Cash-only marketers

2020 crop: 90% sold

2021 crop: 20% forward sold for harvest delivery 

Hedgers — cash sales

2020 crop: 90% sold

2021 crop: 20% forward sold for harvest delivery 

Hedgers — futures/options

No positions

Get current with advised 2020- and 2021-crop sales. 

Wheat

Cash-only marketers

2020 crop: 85% sold 

2021 crop: 30% forward contracted for harvest delivery

Hedgers — cash sales

2020 crop: 95% sold

2021 crop: 30% forward contracted for harvest delivery

Hedgers — futures/options

No positions

Get current with advised sales. We'll likely wait until we know more about the winter wheat crop coming out of dormancy and spring wheat acreage before making additional sales. 

Cotton

Cash-only marketers

2020 crop: 90% sold

2021 crop: 40% forward sold for harvest delivery 

Hedgers — cash sales

2020 crop: 90% sold

2021 crop: 40% forward sold for harvest delivery 

Hedgers — futures/options

No position

Wait on a price rebound to get current with advised old- and new-crop sales or to make additional sales. 

Livestock

Cattle

2nd qtr. 2021

0%

3rd qtr. 2021

0%

4th qtr. 2021

0%

1st qtr. 2022

0%

Carry all risk in the cash market for now. 

Hogs

2nd qtr. 2021

25% in April at $89.425

3rd qtr. 2021

25% in July at $95.375

4th qtr. 2021

0%

1st qtr. 2022

0%

Be prepared to exit second-quarter hedges with the April contract expiring next week. We'll wait on additional hedges until the market shows signs of topping. 

Feed

Corn

2nd qtr. 2021

100%

3rd qtr. 2021

0%

4th qtr. 2021

0%

1st qtr. 2022

0%

You should have all corn-for-feed needs covered in the cash market through June. We are targeting a move below $5.20 in July futures to extend coverage. 

Meal

2nd qtr. 2021

100%

3rd qtr. 2021

33%

4th qtr. 2021

0%

1st qtr. 2022

0%

You should have all soybean meal needs covered in the cash market through June. You also have 50% of needs for July and August covered in the cash market. 

 

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