Welch said if there is some profit farmers can lock into today, do so but don’t take all of it at one time.
“Come February, we will have a good handle on what the South American crops will look like and early planting intentions surveys will be coming out for U.S.,” he said.
By March and April, Welch said “we start to get reports related to planting pace, emergence and early crop conditions.”
“As the year unfolds, these reports will give us some idea of yield prospects that will shape our price projections,” Welch said. “If we are heading for increased supplies relative to demand, then farmers can do some aggressive marketing. If there are emerging production concerns, then it’s best to hold on and see how things will play out.”