New Crop Targets are here. There are a couple of new New Crop recommendations as well as a couple more Old Crop below.
Abbreviated and Bi-Weekly Sales Recommendations through summer season as we wrap Old Crop this summer. Call for specific ideas to help you finish up any old crop you would like to finish selling.
$$May 17th MPUpdates – Seeding going strong locally and starting to progress better than expected in other areas. With a dry forecast now, getting a little more Bearish as some unseeded/frost/yield risk premium comes out of the market. Lots of risk of yield and acreage scares ahead but last 2 weeks and coming week less bad than expected. Targets expire May 27th. We believe it in your best interest to be within 20% of our official Benchmark positions – plus or minus.
$$CanolaMPU – 100% SOLD – Look for $14.00 or better May delivery {612+5 Basis} to be 100% sold (34bu of a 34bu crop). Benchmark is 100% sold (Since Apr 9th at $14.07). At Current May $14.35, be 100+% sold.
$$Gr.LentilMPU – Target 24.0c #2 on 20% to be 75% sold (20bu of a 26bu crop). Benchmark is 55% sold. At Current 23.5c #2 be 65+% sold. India Pulse crop a little light and Lentils were not crop of choice at seeding so upside potential but much may be already priced in for Old Crop. Also – Canadian Lentil country weather has gotten friendlier over the last 2 weeks and normal yield potential remains with likely extra acres than expected a month or two ago so be wary of a 25c wall on new crop. Bids may dry up leaving only a New Crop market available – so have a space plan on that possibility!
$$Y.PeaMPU – Continue to take $9.00 on 10% to be 85% sold (30bu of a 35bu crop). Benchmark is now 85% sold. At current $9.00 bid be 85+% sold. Target 1 hit of our finishing plan. If it can not break through $9 in the next two weeks, we’ll consider moving to 100% but enough potential of $10 to hold that greedy portion for a while yet.
$$FlaxMPU – Target $18.25 on 15% if you can find it to be 100% sold. (27bu of a 27bu crop). Benchmark is 85% sold. At Current $16.09 be 75+% sold. Friendly weather is not Bullish Flax as two weeks ago this looked like a crop that would not be seeded in time to have any kind of yield potential, now it has a shot if this pattern holds.
$$ChickpeaMPU – 100% SOLD – Settle for a 31.5c rough #2 specs to be 100% sold (47bu of a 47bu crop). Benchmark is 100% sold (Since Oct 23rd at 35.5c). At Current 33.5c be 100+% sold. SEE NEW CROP TARGETS HERE.
$$Eth/Fd.WhtMPU – 100% SOLD – Settle for $7.03 to be 100% sold (78bu of a 78bu crop). Benchmark is 100% sold (Since Nov 13th at $7.24). At Current $7.13 be 100% sold. SEE NEW CROP TARGETS HERE.
$$DurumMPU – Take $8.00 #2 ($8.20 #1-13.0) on 15% to be 90% sold (41bu of a 46 bu crop). Benchmark is now 90% sold. At Current $8.00 #2 be 90+% sold. Friendly weather in Durum country is not Bullish Durum. Holding onto 10% as a greed play into less benign weather potential but understand that many will want to go right to 100% on this sale and that is fine too.
$$HRSWheatMPU – Take $7.34 #2 on 10% to be 80% sold (23bu of a 42bu crop). Benchmark is now 80% sold. At Current $7.34 #2 be 80+% sold. – We have mostly missed this one and simply have to play catch-up. There were nice bids last fall that obvious to us now should have been sold more aggressively. This was the one crop where we didn’t get back to or exceed the fall highs so will take our lumps now verse more later.
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