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Farmer takes advantage of run-up in market

A Minnesota farmer is taking advantage of marketing opportunities provided by the recent run-up in corn and soybean prices.

Dan Glessing of Waverly says the rally has come as a surprise.

“There’s no reason for it, other than some uncertainty in Brazil.  I don’t know if bean prices came up with that (news), but there was really no reason for the market to rally.”

May soybean futures closed at $9.56 per bushel on April 15^th, the highest nearby closing price in seven months.

And while not as dramatic as the rally in soybeans, corn futures recently peaked at new highs for 2016.

Glessing tells Brownfield with prices closer to break-even levels, it was time to make a move.

“I took opportunities last week and went ahead and forward-contracted some old crop that I still had in the bin, but also some new crop here for June of 2017.”

Glessing says he is planning on prices staying near break-even for at least the next 18 months.