Farmers watching markets as 2022 soybean contracts start
Farmers are closely watching the markets as they sell the remainder of their 2021 crops and begin signing contracts for 2022.
Many farmers sold some soybeans ahead of USDA’s supply and demand report Tuesday expecting the market to react with a price decline. Central Ohio farmer Bill Bayliss was one of them.
“We were all geared for a down market and low and behold it was the opposite. So, that’s the farming business.”
Missouri bootheel farmer Kevin Mainord is in the same boat. “We sold a few beans before the report came out and that turned out to be the wrong thing to do. But you can’t always be right when it comes to marketing, you just have to use your best judgement.”
Central Nebraska farmer Clay Govier says he made the same mistake but chose to react with the market.
“Once things went up, we priced some more! I would say we are in that 20% range sold for our 2022 crop.”
The three farmers all have at least 70% of their 2021 soybeans sold and about a quarter of their 2022 crop contracted. They each spoke during a recent webinar hosted by the US Soybean Export Council.