This week: Changing price targets
I use a lot of different charting methods and studies when I put together my long-term yearly risk management plan. In an ideal year, old and new crop corn and soybean prices will rally from the harvest lows to the highs In May through June of the following year. We will make scale-up sales and send out Action Alerts as prices rally.
I have been reluctant to place price targets one week, and then change them the next week. However, as conditions change we need to adjust our bids up or down. This week we are lowering the offers on cash corn and soybeans. The recent USDA Grain Stocks report and the sharp sell-off in wheat prices makes the previous price targets unrealistic at this time. I am very glad that that we only have 30% of the cash crop to sell. We will do the best job we can on that last 30%.