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How did Jon Scheve average over $4 2018 corn?

May 17, 2019 at 08:53 AM CST

On 4/23/19, when the corn board was in free-fall, I priced my remaining 2018 crop on futures. I didn’t set a cash price, and instead I was waiting for a higher basis. I received $3.61 against July futures on the remaining 54% of my ’18 crop I still had unpriced. Why sell futures now? There were several reasons. I was concerned with how much corn prices had fallen already. It was apparent to the market there was too much U.S. and global corn supply. I’m only 10% sold for my 2019 corn and have no 2020 sales. The risk of African swine fever appearing in the U.S. is always present. There is unknown trade risk with China or even if NAFTA 2.0 gets signed.