Fireworks continued in the grain markets, with corn approaching a 12-month high on Friday. With new crop contracts breaking the $4 mark, analysts appearing on U.S. Farm Report this weekend suggest producers look into marketing opportunities within the next two weeks.
“I don't think it will be your only opportunity,” says Andy Shissler, S&W Trading. “I think we'll see more down the road, but I would look at $4.25 to $4.50 to try to do sell some December corn [contracts] at this point.”
Standard Grain’s Joe Vaclavik thinks the opportunities are there, but cautions about selling too much new crop at this point.
“I think the markets can be very friendly here, but hedge your bets and start to make some light sales as the market goes up,” he says. “I'm not thrilled at all about the profit margins on the farm with these kind of prices, so I'm going to do what I need to cover my bases and pay my bills, but I want to leave the upside open on a good chunk of it if possible.”
Shissler says patience is a virtue this year, as there’s potential for additional prospects later in the year.
“I think you'll have a lot more opportunities to market this year's crop than you think,” he says.