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Central Illinois | Brief background: My dad passed away last fall, in fact, the day his beans were cut. He has historically stored his half at the elevator and sold after the new year. Me, I'm off the farm a couple decades now and have been out of the loop. Now, I'm the one left to make all the decisions he used to make, on top of my full time job, chasing two active teenagers to various events/practices and I live a full hour drive from the farm.
So, now I'm sitting on a relatively small amount of stored corn and soybeans, checking the cash bids on the days I think of it. Mom gets the income so I want to maximize it for her. I was thinking of transitioning to selling the grain over the scales in the future rather than paying storage and crossing my fingers, hoping I sell a the right time.
Is there a good way to make such a "transition" over time, say 2-3 years? I don't want to do it all at once because I fear the tax implications. Mom is opposed to selling over the scales because that isn't the way dad did it. Maybe so but I don't want to hurt the bottom line by being a part time marketer.
Any words of wisdom would be greatly appreciated. | |
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Sell or Store?
