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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.
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Corn |
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Cash-only marketers |
2020 crop: 80% sold 2021 crop: 20% forward sold for harvest delivery |
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Hedgers — cash sales |
2020 crop: 80% sold 2021 crop: 20% forward sold for harvest delivery |
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Hedgers — futures/options |
No positions |
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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. |
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Soybeans |
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Cash-only marketers |
2020 crop: 90% sold 2021 crop: 20% forward sold for harvest delivery |
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Hedgers — cash sales |
2020 crop: 90% sold 2021 crop: 20% forward sold for harvest delivery |
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Hedgers — futures/options |
No positions |
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Get current with advised 2020- and 2021-crop sales. |
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Wheat |
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Cash-only marketers |
2020 crop: 85% sold 2021 crop: 30% forward contracted for harvest delivery |
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Hedgers — cash sales |
2020 crop: 95% sold |
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Hedgers — futures/options |
No positions |
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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. |
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Cotton |
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Cash-only marketers |
2020 crop: 90% sold 2021 crop: 40% forward sold for harvest delivery |
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Hedgers — cash sales |
2020 crop: 90% sold 2021 crop: 40% forward sold for harvest delivery |
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Hedgers — futures/options |
No position |
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Wait on a price rebound to get current with advised old- and new-crop sales or to make additional sales. |
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Livestock |
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Cattle |
2nd qtr. 2021 |
0% |
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3rd qtr. 2021 |
0% |
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4th qtr. 2021 |
0% |
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1st qtr. 2022 |
0% |
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Carry all risk in the cash market for now. |
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Hogs |
2nd qtr. 2021 |
25% in April at $89.425 |
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3rd qtr. 2021 |
25% in July at $95.375 |
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4th qtr. 2021 |
0% |
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1st qtr. 2022 |
0% |
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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. |
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Feed |
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Corn |
2nd qtr. 2021 |
100% |
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3rd qtr. 2021 |
0% |
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4th qtr. 2021 |
0% |
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1st qtr. 2022 |
0% |
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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. |
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Meal |
2nd qtr. 2021 |
100% |
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3rd qtr. 2021 |
33% |
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4th qtr. 2021 |
0% |
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1st qtr. 2022 |
0% |
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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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