Clay SEIA - 9/15/2014 09:11
Less than 10% of farmers forward sold ANY crop this year? I will totally agree that a majority of farmers are probably "undersold" by marketing guru standards, but to say that over 90% of farmers have ZERO 2014 crop on the books seems a real stretch. Any facts to back up that statement?
Actually, Clay, I believe the number is 1/6th the bushels forward sold vs. same time frame last year, which works out to 16ish percent. Those $8 dollar august bids of recent years made many a former good risk manager complacent this year, my self included. Even though I have 58 bu. acre sold with a 5 in front, that's still a pizz poor historical percentage sold for me. Talked to my merchandiser when July '15 hit $5.25 about doing another 58 bu., hung up the phone and thought I'd have more than 10 minutes to think about it. I was wrong.