It’s no secret that the soybean market has rallied significantly over the past week. Now, we’re seeing corn and wheat do the same thing, Pro Farmer’s Chip Flory said on this morning’s Pro Farmer Profit Briefing.
Are you taking advantage of this opportunity? You might want to consider it. “If you’re selling soybeans, you better be selling corn and wheat,” Pro Farmer’s Brian Grete said. “Take advantage of the opportunities when they’re given to you.”
Rallies like this one exemplify the importance of having a marketing plan that you can deploy when profit opportunities present themselves.
Watch the ProFarmer Profit Briefing below:
Flory said corn and wheat have decided to come along for the uphill ride because of growing concerns over weather. While the nation’s corn crop is 13% planted, concern has turned to how the crop will finish. Forecasters have moved forward the development of La Nina, and the market is worrying about the impact of hot and dry weather later in the growing season.
Capitalize on today’s opportunity, Grete advised. “Especially the hedger who has the ability to open upside later,” he added.
Grete admitted soybeans have outperformed most analyst expectations lately. “I would just be a seller on the price strength,” he said.