Pulling the trigger on the sale of a corn crop is no easy task. There's always that sense of "leaving money on the table" despite market adviser insights that any profitable price is a good price. But for the Farm Progress PANEL, we asked members to share a little pricing success and it appears that for most pulling the trigger isn't quite so hard.
The question? "Let's have a little fun. What's the highest price you've ever gotten selling corn?" This would be a one-time, top price sale – not your everyday move-the-grain-to-market sale. But most respondents showed they have had success. Yet not everyone can share a wallet busting price. Note we didn't distinguish "cash" or "market" price, just what panelists shared for pricing.
Nearly one-fifth (18%) shared they captured $8 or more per bushel sold on at least one sale in the past. After the 2012 drought that price was available for many, and it looks like this group of panelists were able to jump on it.
More than half (55%) say they've sold at prices ranging from $6.50 to $7.99. That's a great price range in anyone's book and for more than half to say they captured that, is a solid sign they're willing to pull the trigger when a profitable price is offered. No responses on whether some of them were aiming for $8 but just waited a day too long.
Just under one-fifth (17%) report capturing $5.50 to $6.49 per bushel of corn. That's about the same percentage as the over-$8 crowd. This price range is also a nice payment for a hard year of work, and plenty to not only keep the lights on but also make some capital purchases for the farm.
We're going to group the last two respondent categories - $4.50 to $5.49 and the "too low to admit here" answers. Together this group represents 10% of respondents. About half were in the $4.50 to $5.49 range – still profitable. But this also shows how a volatile market can mess with your marketing plan.
Thanks to everyone who responded to these PANEL questions.
Be a part of the PANEL
The Farm Progress PANEL is your chance to share your thoughts on key issues. To take part, start by signing up for our daily mobile text service Farm Progress NOW, we noted above. Later in one of our daily texts we'll provide information about how to sign up for the PANEL. And thanks to the respondents for helping us out.