Agribusiness BlogFarm CPA Today

Don’t Wait Too Long

wheat-harvesting-washington-stateThe Department of Agriculture released many crop reports today. As a result, corn, soybeans and wheat prices were sharply lower on the cash and futures markets. In many cases, the drop was 10% or more. 

Prices has steadily risen over the last few weeks and there were many chances to lock in a profit on the new crop. Many times, farmers want to wait for the high of the market to lock in prices and what usually happens is that they get a much lower price than if they simply sell 1/12 of their crop each month.

Every farmer should have a marketing plan (in conjunction with the appropriate help from marketing consultants, if needed). When you can lock in an adequate profit for the crop year, do it! 

Usually you will be much better off than trying to go for the highest price. 

Every farmer should have a marketing plan (in conjunction with the appropriate help from marketing consultants, if needed). When you can lock in an adequate profit for the crop year, do it! 

Usually you will be much better off than trying to go for the highest price.

  • Principal
  • CliftonLarsonAllen
  • Yakima, Washington
  • 509-823-2920

Paul Neiffer is a certified public accountant and business advisor specializing in income taxation, accounting services, and succession planning for farmers and agribusiness processors. Paul is a partner with CliftonLarsonAllen in Yakima, Washington, as well as a regular speaker at national conferences and contributor at agweb.com. Raised on a farm in central Washington, he has been immersed in the ag industry his entire life, including the last 30 years professionally. In fact, Paul drives combine each summer for his cousins and that is what he considers a vacation. Leave a comment for Paul. If you would like to leave a comment for Paul, follow the link above, however, please make sure to include your email address so that he can reply to your comment (your email address will not automatically show up).

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