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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 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% | |
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On April 8, we advised livestock producers to extend soybean meal coverage another six weeks in the cash market through the end of May. If prices drop more, we'll further extend coverage as current prices are a value buy. |
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Pro Farmer's Daily Advice Monitor
Posted on 04/08/2020 1:08 PM
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