Following a short rally in mid-December, soybean prices fell more than 50 cents in just two weeks. A lot of uncertainty surrounds soybean prices. This is precisely why many economists are saying planting flexibility could really pay off this year.
Rallies, Flexibility and Planting Decisions
“I think one is to maintain some flexibility with respect to your decisions for 2019, specifically if you think about your cropping decisions for corn and soybean acreage,” said Jim Mintert, Purdue University economist.
Mintert advises to pay attention to the rallies. He said there are opportunities to lock in positive returns and you don’t want to let the opportunity slip from your grasp.
Purdue University Extension Specialist Bob Nielsen offers his advice. He suggests spending time looking at performance data from variety trials. Additionally, every year brings some kind of stress so research whether a hybrid can tolerate a wide range of stresses.
He also recommends using yield maps from harvest as a road map. Identify fields which need more attention and determine how you can improve them. This could be from more intensive soil sampling or more field scouting.
Additionally, Nielsen suggests using this time to make sure machinery is ready for the planting season.
2019 is the year of flexibility when it comes to cropping decisions. It is important to pay attention to rallies and utilize those analysis in your decision making. Additionally, take this time to get your ducks in a row. Look at performance data, research seeds and look how you can improve from last year. There is potential for positive returns this year, but it will require time now to accomplish it.