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Central South Dakota | Too scary right now to get too much of what you don't have yet sold. We keep missing rains and fall crops could get nasty fast. Seen some corn starting to roll today. If it was further along and we had a better idea, it wouldn't be so bad.
I still remember my first corn crop farming for myself in 2006. Sold up to my insurance level, priced my corn for around $2.20 cash price and was waiting to collect a $.50-.$90 LDP like we had for the last however many years. Guess what, I droughted out. Cash price for corn went to over $3.00. My corn came in at 40-50bu/acre so with the run up in harvest price and the bushels I harvested, insurance didn't pay, my corn was sold too cheap, and I couldn't cover all of my contracted bushels. Grawlixed train wreck is what it was, took me the next two years to crawl out of the hole dug my first year.
I haven't forgotten that lesson, selling to your insurance guarentee works if you basis isn't wide like out here. One must remember whatever bushels you harvest, crop insurance is assuming your recieving the futures price for those bushels.
The good thing about farming out here though is we'll have some crop in the bin with our diversity versus having to wait till this fall like a lot of you guys.
Right now I don't have a bushel of this years crop marked yet. The last couple of years though have given a person that luxury.
Good luck to all, and excuse any typo's, I cut the tip of my index finger off & am having a hell of a time typing. | |
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