From the Fields: Money moves

I’m sure a lot of readers have been experiencing rain events that seem to keep putting us out of the fields. We haven’t had any huge amounts yet, just rains here and there that keep us from cutting soybeans which we are running behind on. We have been drying soybeans to get them out of our way for wheat, but now with more rain, and more in the forecast to come, we switched gears back to corn and will push to get it all out before we switch everything back over again and try and run beans again. Our window to cut soybeans is getting narrower by the day. We need good dry days with sun to be able to get acreage done. We just haven’t been able to put too many of those days together and the days keep getting shorter and the weather keeps getting cooler, which means it’s getting to that point where nerves start to kick in.

Markets have seemed to stay strong since harvest has started. We have good out-of-field prices around us, which is really surprising knowing the amount of bushels they are getting. We’ve seen mixed reports come in from fellow farmers in each state and you don’t know which way the market is going to go next. I think it is crucial that guys have a good plan put together for stored bushels as we move to end of year. Personally, I do not see the prices holding together if there is a yield increase in the next report. I fear if they raise this soybean carryover number and we have good yields or better than expected by the U.S. Department of Agriculture, we will see beans crash down to $10 again.

I think guys should look at next year’s prices for fall and see if you can lock in some profits to help offset what we know will be high inputs already. I locked in some $7.50 wheat for next July and that’s just fine with me even if it does go up for some reason. I’ve locked in beans and corn for next fall already because I’m scared this whole higher trend is going to fall apart on us and we’ll be left with low grain prices and very high inputs next year.

I got the wheat sowed in about a week’s time. The moisture in the soil really helped give it a nice jump to get out of the ground. The first couple fields I sowed have a green cast to them as you drive by. Once they are all up and established we will evaluate what kind of stand that we have and start making plans on herbicide and fertilizer rates to ensure we give this crop every chance it can to get a good start. It’s always a stressful time when wheat comes along because you have to pause harvesting to get the wheat done and each day counts on both sides of the coin. I’m just relieved it’s done and off to a good start already.

Let’s all continue to pray for some good sunny days and good weather to keep at this crop as we battle the elements once again. Thanks for following along and stay safe out in the fields.