An agricultural economist with Advance Trading says most of their customers have wrapped up marketing the 2024 crop.
Brian Basting tells Brownfield, “There was quite a bit of unpriced old crop corn as we entered August a year ago.” He says, “We just heard so many anecdotal reports of country grain elevators buying quite a bit of old crop corn. I think there’s still some out there from the ‘24 harvest, but I think it’s less than last year.”
He says those still holding out hope for a summer market bounce are running out of time.
“Not saying the market can’t rally, there will be a point here where we reach a value level, but you want to defend that balance sheet.” He says, “If you’re concerned again about a trade deal or some weather issues late in the growing season, you can purchase a call option to protect the upside. But we definitely want to finish up those ‘24 bushels.”
Basting says most producers have cleaned out bins in preparation for the upcoming 2025 crop.
