In times of grain market inflation, grain growers must market their products wisely. This spring, grain products have been above the insurance regular price. For instance, corn has been $1.30 above average, soybeans $1 and wheat $4 above. The explanation of this can be due to weather and what’s happening abroad.
In this article from Farm Progress, Brett Mapel shared 6 tips on how to market grains:
- Save your earnings — With the current state of the market, it is important to save that extra cash for the future.
- Be flexible — It’s crucial to keep track of past trends when preparing to market this summer as it impacts the price level and margins. Be prepared and remain flexible if any unplanned occurrences take place.
- Evaluate Plans — Try to plan ahead and be ready for a change in the market. Don’t be afraid to reach out for help if you are stuck on how to market prices.
- Look Ahead — 2023 is projected to be a good year for selling crops. By the end of next year, prices of crops are expected to increase. Therefore, planning ahead will be beneficial.
- Get Ahead of the Game — Get ahead of the game and reach out to your input suppliers to get a peak of prices for next year. It is best to be prepared for the unexpected.
- Turn to Professionals — Of course with a changing market, turning to a finance professional should be useful. By meeting with a trusted professional, you can get help with managing your crops and prices.