According to Innovus Agra farm management coach Bret Oelke, there aren’t many unpriced soybeans right now. “I had a conversation with a grain buyer in the last few weeks and they were concerned if there was going to be enough farmer supplies of soybeans available next summer for the crush facilities they work for, because farmer selling was active,” said Oelke. “At that time, they had calculated more than 70 percent of soybeans in their trade area have been sold already. The soybean rally is real and we don’t know what the upper end is.” It is an exciting, but uncomfortable time for farmers. “We’re accustomed this time of the year to look at our brokerage statements and say, what do I have to include here for the 1099 for the gain in my hedge account? The reality is this year, we’ll have a negative number, but we’ll take it out of the cash market.”
Subscribe to RRFN
Get a weekly digest from RRFN to stay up-to-date on all the latest news in agriculture.