Posted 5/3/2021 14:01 (#8985177 - in reply to #8985166) Subject: I remember
Renting my first farm in the fall of 1972 (150 acres). Got out of Navy in January, 73, but had a bunch of saved up leave I used to plow and get fertilizer on. Anyway, we had budgeted a net income of $10,000, pretty good I thought after being on a Navy salary of about $400 a month.
Anyway, I remember we got beans off that fall for about $2.50. We had a neighbor always late, and he got his off in January 1973 and sold directly for $4!!! He struck gold. Prices just marched north all summer, as the magnitude of the “Great Russian Grain Robbery” was revealed. Sold my first beans that fall for $9, and got over $10 for the rest. Corn was about the same. I sold half my crop in 1973, and cleared twice what I expected on the whole Crop. Of course, every input soared In price, and a couple years later with those high input prices in effect, corn and bean prices collapsed
I foresee something similar in a couple years from now. Plan accordingly is my advice.