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Have a plan for stored grain

A farm business management instructor from northwest Minnesota says farmers should have a marketing plan for their stored grain and oilseeds.

Betsy Jensen says no one is excited about commodity prices, but that’s not an excuse to not plan.

“There are lots of farmers that still have unpriced corn, wheat and soybeans. If you have unpriced commodities, we need to make sure there’s a plan. How soon will you get rid of it? It’s not just price targets, but it’s also time deadlines. I think those things need to go hand-in-hand.”

Jensen says it’s risky to hold grain until June.

“In the back of your mind, think hey, if I don’t hit this price by February 1, I at least want to get rid of a few thousand bushels.”

And Jensen says soybeans might be a good crop to prioritize in the New Year.

“Futures are more than $13, which is still respectable. I know we had $15 a year ago and everyone wants to talk about that. But it’s still a respectable place to be making sales,” she says. “Corn at less than $5 is difficult to stomach, I agree, but corn still has significant stocks out there.”

She says there is likely more corn in storage in northern Minnesota this winter. Jensen farms with her family in northwest Minnesota and works at Northland Community and Technical College.