Take Advantage of a Weather Rally
We had a good weather rally back in the spring when it was apparent that the come would be planted lack due to the rain in Illinois and other areas. It appears that we might be having a weather rally due to the frost coming this weekend.
I would highly suggest that you review your marketing plans for this crop and the 2010 crop to see if you need to lock in some good prices that are coming now. If the current prices compared to production costs provide a profit, do not be shy about locking 20-40% of them in.
Too many farmers get emotional when they see a rally start, think it is going higher and wind up with missing the whole rally. Do not let this one go by with the same problem.
I am headed back to my farm in Missouri next weekend and plan on driving a John Deere combine very similar to the one shown in the picture. I am hoping it does not rain and I get to cut some 60 bushel beans or 200 bu corn. This is always my vacation this time and year and for a farm boy like me, there is nothing better.
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 principal with CliftonLarsonAllen in Walla Walla, 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. Paul and his wife purchase an 180 acre ranch in 2016 and enjoy keeping it full of animals.
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