Farmers should consider corn, wheat, and soybeans for their first new crop sales
Farmers should consider making their first new crop corn, soybeans, and wheat sales for this year’s harvest. That is according to a University of Minnesota ag economist.
Ed Usset says that a month ago, prices were good for farmers to start making new crop soybean sales, but they were well above that now. So, he is adding new corn and wheat crop sales to that suggestion.
According to Usset, “Since then, December 21 corn which this morning, well as we speak, I think it is hanging around the $4.35 mark for new crop December 21 corn. That’s above my starting level, I had in mind of $4.25. So, we are a dime above that, and I’m even looking at wheat for people who have soft-wheat or probably not to many hard-wheat growers in your area, but that too is well above $6 dollars on new crop wheat values.”
He says that cash prices are well above production costs right now, which is a clear signal to farmers to start making some limited sales.