Posted by picassomcp on December 28, 2014 at 17:39:15 from (50.107.46.15):
I am a relatively new farmer, been making hay small scale for 4 years. 2 of those years, hay prices were very good, now this year not so much. I have about 200 round bales and 600 small squares to sell, clover and grass mixed with some timothy. I went to a hay auction today to scout prices. Hay similar to mine sold for $35-40/ a round bale and $2 for a small square. I was hoping to sell my rounds for $50+ and my small squares for $5 each. Looks like I'm gonna fall short. I feel I need to sell this hay, as it is taking up all my storage space, if I don't sell it, next years crop would have to sit outside. I'm gonna hold on for the time being, hoping prices inch up a bit in a couple monthes. as far as future years, I don't think the price of hay is gonna go up, lots of hay planted locally this year as many row crop acres went unplanted as we had a very wet spring here in Central MN. Many farmers planted hay in these acres this past summer. This will increase future supply for sure. This has me wanting to limit my hay acres.
Also, this year I will be putting in 50 acres of soybeans on newly acquired ground, this will be my first row crop experience. Prices are relatively low on beans too. I have limited storage for beans, I have 2 bins, each 1500 bu. but no air in either one. Probably would be best to just haul the beans into the Co-op at harvest. I haven't looked into bean storage at the Co-op yet, I may just take them there for storage, then sell when prices are better. Hopefully storage prices won't eat up the profit from waiting. Even if I store them there for a few monthes until the "harvest season" low price is past, then just sell them to the co-op at the then current price minus storage costs??
These are just my thoughts on dealing with low prices on these 2 specific commodities and my situation. How do you deal with lows in the markets?? Is my thinkinging logical?
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