Pro Farmer's Daily Advice Monitor

Posted on 09/24/2020 1:20 PM

advice

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  • Sept. 24: No changes.
  • Sept. 23: Increase 2020-crop soybean and cotton sales. Details below
  • Sept. 22: No changes.
  • Sept. 21: No changes.
  • Sept. 18: No changes.

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

Corn

Cash-only marketers

2020 crop: 50% forward sold for harvest delivery

Hedgers — cash sales

2020 crop: 50% forward sold for harvest delivery

Hedgers — futures/options

2020-crop: 20% hedge in short December corn futures at $3.37 1/2

Get current with advised sales.

Soybeans

Cash-only marketers

2020 crop: 75% forward sold for harvest delivery

Hedgers — cash sales

2020 crop: 75% forward sold for harvest delivery

Hedgers — futures/options

No position

Get current with advised sales. The flat price structure in the market argues to have soybeans sold by harvest instead of storing them. 

Wheat

Cash-only marketers

2020 crop: 75% sold 

2021 crop: 30% forward contracted for harvest delivery

Hedgers — cash sales

 2020 crop: 75% sold

2021 crop: 30% forward contracted for harvest delivery

Hedgers — futures/options

20% 2020-crop hedge in short December SRW futures at $5.09

Get current with advised sales. 

Cotton

Cash-only marketers

2020 crop: 40% forward sold for harvest delivery.

Hedgers — cash sales

2020 crop: 40% forward sold for harvest delivery.

Hedgers — futures/options

No position

Get current with advised sales. We intend to sell more 2020-crop on a close below 64.00 cents in December futures or a push up to the 68.00- to 70.00-cent range. 

Livestock

Cattle

3rd qtr. 2020

0%

4th qtr. 2020

0%

1st qtr. 2021

0%

2nd qtr. 2021

0%

Carry all risk in the cash market for now. While futures are showing a short-term top, we feel downside risk should be limited from current levels.  

Hogs

3rd qtr. 2020

0%

4th qtr. 2020

25%

1st qtr. 2021

25%

2nd qtr. 2021

0%

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. 

Feed

Corn

3rd qtr. 2019

0%

4th qtr. 2020

0%

1st qtr. 2021

0%

2nd qtr. 2021

0%

You should be hand-to-mouth on corn-for-feed needs for now. We'll wait on a price pullback to extend coverage.

Meal

3rd qtr. 2020

100%

4th qtr. 2020

0%

1st qtr. 2021

0%

2nd qtr. 2021

0%

You should have all soybean meal needs covered in the cash market through the end of September.

 

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