I get the sense that a common response to a near-record late summer and fall price rally is, “I sold too early!” That’s a great example of looking back at old decisions. I choose to look forward and note that 2021 pricing opportunities should be on your radar.
I want to introduce you to the simplest of all preharvest marketing plans. This is an approach used by my celebrity producer, Aunt Tilly. Her approach has proved to be remarkably effective over time. Tilly prices 80% of her anticipated new-crop corn and soybeans in 20% monthly increments, starting in March and ending in June. Her preharvest activities are consistent with her 80% level of crop insurance coverage. She prices the remaining 20% of her production at harvest.