As the year comes to a close, producers are looking at their profit margins and are wondering if they should lock in prices.
Matt Bennett, owner of Bennett Consulting, is advising farmers to plug in prices are to see what the best option would be.
“We know what fertilizer is, pretty much know what our chemical costs are—plug it in and see where profit margins would be if we would lock some $3.90 [corn] in,” he said on AgDay.
When it comes to soybeans, Bennett says that with $10 per bushel soybeans a farmer can’t go wrong.
“I’m just locking in profit margins and there’s a lot you can do in the market later on and you’re not going to get too carried away,” he said.
Hear the steps he thinks farmers need to take to take advantage of the corn carry on AgDay above.