08/15/2024 Post-WASDE Pressure Finally Subsides As Traders Await Findings in Next Week’s Pro Farmer Crop Tour

Post-August USDA Report Hedge Recco Updates Day 2:We advised cancelling current orders at pending price targets and have reset objectives for future sales as follow: Corn: We currently have 10% of 2024 production hedged at 490 in December futures and 85% revenue insurance coverage at 466. Our intention is to deliver on forward sales and bin the balance of the crop. If the pre-report low of 390 can hold then it sets retracement rally targets of 430 and 443. Major resistance in December corn would be expected at 455. Buying 400 strike October corn calls for a dime could be added to lock up the crop insurance indemnity. Basis will continue to vary widely regionally showing typical harvest weakness in good producing regions but be much stronger in regions flooded with poor production in NW IA and SW MN. As for next year’s crop, we anticipate that there will be hedging opportunities above $5 for December 2025 corn to again ensure acreage for next year. There is an open chart gap at 504 in that contract. Many regions are no longer economically viable to grow corn and soybeans profitably. Soybeans: We currently have 10% of 2024 production hedged at 1207 in November futures and…