Many farmers are talking about increasing soybean acres next spring, according to Angie Setzer of Citizens Grain LLC. If you plan to add in extra acres because revenue projections show it beneficial, she says you need to have a plan. “If the revenue side is telling you to plant more beans, then you need to be taking care of them from a contracting standpoint or at the very least protecting your downside risk,” she says. “Don’t go into springtime and plant extra beans and then figure out what to do later on. That does not work.”
Naomi Blohm of Stewart Peterson encourages farmers to make time for marketing this year, “more than ever.” She says producers should make time every day to not only watch supply and demand around the world, but also to watch the dollar, politics and upcoming policies. “Any one of those things, on any one day, can make the whole marketplace going racing higher or lower,” she says. “You have to be aware and keep your scenario planning ready for anything that might happen.”
There is no doubt 2016 was a tough year for farmers. However, Julianne Johnston of ProFarmer says some farmers were able to take advantage of profitable marketing opportunities that presented themselves. “We will have marketing opportunities in 2017 to make a profit, be ready to take advantage of those,” she says.