ProFarmer still has 25% of old crop corn and soybeans left to sell, and it is completely unhedged, no puts or calls or CBOT positions on the 25%. That is for cash-only guys. For Hedgers, they are at 100% sold for both corn and beans.
On new crop, both corn and beans, they have 0%, yes, that is 0% of new crop. Highly Unusual of them to be 0% sold on new crop at this time period. They seem to have at least 10-15% of new crop priced or hedged by now, but not this year. They tend to be very conservative and business orientated in there marketing. That is generally why they have some new crop production priced/hedged by now. It takes a little risk off the table as far as the price downside and then they sometimes buy some call options to cover the upside price risk. Given the extremely risky year that the 2013 Marketing year could be, I have set aside 20 to 30 cents a bushel to use in either buying options or just straight positions with Chicago. Yes, 20 to 30 cents is $75,000 on 250,000 bushels of corn, but I would hate like hell to price new crop corn at $6 and then get a major weather problem and have corn go to $8. On 250,000 bushels, that's a loss of $500,000 of possible corn revenue. And the way my wife is spending money on her remodeling of the kitchen, that $500,000 could come in handy. It just really amazes me why women feel they need a fancy kitchen with granite countertops, a fancy 2 oven unit built in the wall, and all those fancy kitchen cabinets made out of cherry wood. Such a terrible waste of money. You can tell I am not happy with this kitchen remodel, I could use that money to buy a 160 acre very High-Quality Iowa farm that is just 2 miles down the road from some of my other farms. This farm I want to buy if the Estate Sales does happen has an overall 88 CSR Rating and lots of pattern tiling and drainage. It is really the best that Iowa has in regard to high-quality dirt, it just doesn't get any better, and the wife is throwing money down the drain by her kitchen remodeling project. However, I guess I have only myself to blame because she talked me into it, but I asked her to wait a year in case I buy this 160 acre farm, but she said the wheels are already in motion on the project and they start in 2 weeks. Boy, I really screwed myself over on that deal, but again, nobody to blame but myself!!!!!
