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- Nov. 19: No changes.
- Nov. 18: Exit 2020-crop hedges held in December corn and December SRW wheat futures and make offsetting cash sales. Cancel the standing sales order in December cotton and enter a new order in March cotton futures. Details below.
- Nov. 17: Order hit for initial 2021-crop sales. Details below.
- Nov. 16: No changes.
- Nov. 13: 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: 60% sold 2021 crop: 10% forward sold for harvest delivery next year |
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Hedgers — cash sales |
2020 crop: 80% sold 2021 crop: 10% forward sold for harvest delivery next year |
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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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Soybeans |
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Cash-only marketers |
2020 crop: 80% sold |
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Hedgers — cash sales |
2020 crop: 80% sold |
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Hedgers — futures/options |
No positions |
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Get current with advised sales. The inverted price structure in the market argues to have soybeans sold this fall 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: 95% sold |
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Hedgers — futures/options |
No positions |
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Get current with advised sales. |
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Cotton |
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Cash-only marketers |
2020 crop: 60% sold 2021 crop: 20% forward sold for harvest delivery next year |
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Hedgers — cash sales |
2020 crop: 60% sold 2021 crop: 20% forward sold for harvest delivery next year |
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Hedgers — futures/options |
No position |
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You should have a standing order to sell another 10% of 2020-crop cotton in the cash market if March futures hit 72.90 cents. Get current with advised 2020- and 2021-crop sales. |
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Livestock |
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Cattle |
4th qtr. 2020 |
0% |
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1st qtr. 2021 |
0% |
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2nd qtr. 2021 |
0% |
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3rd qtr. 2021 |
0% |
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Carry all risk in the cash market for now. Downside risk should be limited from current levels. |
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Hogs |
4th qtr. 2020 |
25% |
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1st qtr. 2021 |
25% |
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2nd qtr. 2021 |
0% |
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3rd 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 |
4th qtr. 2020 |
33% |
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1st qtr. 2021 |
0% |
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2nd qtr. 2021 |
0% |
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3rd qtr. 2021 |
0% |
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You should have all corn-for-feed needs covered in the cash market through November. |
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Meal |
4th qtr. 2020 |
0% |
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1st qtr. 2021 |
0% |
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2nd qtr. 2021 |
0% |
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3rd qtr. 2021 |
0% |
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You are hand-to-mouth on soybean meal needs. Wait on an extended price correction to get more coverage. |
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