A26—Lancaster Fanning, Saturday, November 1,1980
1980 corn, bean harvests
NEWARK, Del. - Current
estimates put the U.S. 1980
com crop at about 6.467
billion bushels, down 14
percent from last year - a
big drop, but still near the
third largest yield on record.
The 1980 soybean crop is
expected to yield about 1.757
billion bushels, 22 percent
less than last year.
It’s too early to know how
Holly Hill Farms sells top Shorthorn
FREDERICK, Md. - The
Maryland Shorthorn
Association recently held
their annual feeder calf sale
here at the Fairgrounds.
The top steer of the sale
was a purebred Shorthorn
consigned by Holly Hill
Farms, Ijamsville, Md. The
calf sold to Donald Neff of
Leesburg, Va. for $BOO.
T. Courtney Jenkins,
Owmgs Mills, Md. sold the
second high steer, also a
purebred Shorthorn. Lana
Hobbs of Damascus, Md.
purchased the calf for $5lO.
The top two crossbred
Shorthorn steers sold to
Mark Hooper, Frederick,
Md. for $450. The steers were
consigned by Edwin Hevner,
Umon Bridge, Md.
The top heifer calf was
consigned by Otis Fisher,
Farmers update pesticide cards
Pesticide applicator licenses, which allow farmers to apply restricted-use
chemicals to their fields, expired last month. Unless farmers renew their
certification they will not be allowed to use restricted pesticides on their farms.
This group of Lancaster County farmers renewed their licenses last Friday.
Several extension, young farmer, and commercial groups are running sessions
to help farmers get certified. Contact local extension offices for times and dates.
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much of a drop in
Delaware’s soybean yield
there’ll be this year, though
earlier estimates indicate a
12 percent decline in
soybeans. Drought-blitzed
cornfields may have
produced about 29 percent
less than they did in 1979
At the same tune, carry
overs of U.S. corn and
Staunton, Va. She sold to
Thurman Perry, Win
chester, Va. for $315.
Twenty steers auctioned
off by Robert Hooper of
Frederick, Md. brought
$7530 for an average of
$376.50.
However, the purebred
steers averaged more than
the crossbred steers. Fifteen
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soybean stocks remain high,
reports University of
Delaware extension crops
marketing specialist Carl
German. The September
first carry-over of old crop
soybeans, for example,
came to a record 359 million
bushels - more than twice
last year’s carry-over and
123 percent more than m
1978.
purebred Shorthorn steers
averaged $390.66, while the
five crossbred steers
averaged $334.
Seven purebred Shorthorn
heifers sold for $1935,
averagmg $276.42.
The total sale netted $9465
for the 27 head consigned.
Sale manager was Henry
Dodrer, Jr. of Littlestown.
affect marketing strategy
How do all these figures
affect the marketing
strategy of local gram
farmer 7
Even though U.S.
production doesn’t relate
directly to that on the Shore
in every crop year, German
says it’s helpful to use these
figures in deciding how to
market the rest of your 1980
crop - either corn or
soybeans not already hedged
or sold. This information can
also help you develop a plan
for selling your 1981 crop.
“The crop forecasts from
here on out aren’t
likely to change much from
the October 10 USDA
estimate,” predicts Ger
man. “The supply situation
here on the Shore is
drastically reduced because
of this year’s short crop. All
this production and supply
data points toward near
term higher prices. It looks
like it would be wise to hold a
part of your 1980 crop m
anticipation of higher prices,
though prices on the cash
market are reasonably good
how. too.”
As of October 10, the
December 1980 com price on
the Chicago Board of Trade
was $3.54 a bushel, while
November 1980 soybeans
were priced at $8.24 % a
bushel. Meanwlule, spot
cash pnces in one area on
the Shore were $3.50 for com
and $7.86 for soybeans. The
difference between these
futures and local cash prices
indicates a good basis.
In deciding how to sell the
rest of your 1980 crop, it’s
important to consider your
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tax plans for the current
year, says the economist.
Some farmers may fmd it
wise to base their marketing
decisions on their tax
management needs from
now to the end of the year.
II you don't need money
now, you might consider flat
price selling the rest of your
1980 crop for January
delivery, or basis trade a
part of the crop.
A flat price trade would
allow you to deliver now and
accept payment either now
or m January. Use this
alternative if you anticipate
a price decline on the Shore
before the January payment
date. This marketing
method allows you to
establish a definite price for
your corn while postponing
payment.
With a basis trade option
you can contract a certain
number of bushels for
January delivery and leave
the gram unpriced. Use the
local basis as your guide in
deciding whether it will pay
to do this. What you receive
will be determined by what
happens to the January
futures price between now
and the delivery date.
You will know at the time
the contract is established
what the gram dealer ex
pects to deduct from that
price.
If the balance in the basis
is in your favor after that
deduction, this type of sale
could be profitable.
The advantage of a basis
trade is that it allows yoi
accept payment after the
first of the year and at the
same time take advantage of
For smaller spreading jobs IH of
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spreaders with single axles and
heaped capacities from 148 to 216
cu ft They have many of the design
features you'll find in the larger sizes
• Bear Claw beaters for good
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• Beveled worm gear for long life of
the drive components
Penta-trealed %" plywood floors
Rust-resistant steel sides
(guaranteed to the original owner
for the life of the spreader)
any price increase you ex
pect to occur between now
and then.
A third alternative is to
store your grain and hedge
part of it for future delivery.
This lets you protect yourself
agauist any price decline
which might occur while
your gram is in storage, even
though you are storing in
anticipation of a price m
crease.
This is the tune to develop
a marketing strategy for
your 1981 crop, too, says
German. As of October 10,
the November 1981. soybean
futures price as $8.12 a
bushel. The December 1981
futures pnce for com was
$3.46 a bushel. Providing
these prices are profitable,
he feels that present stocks
and production levels in
dicate it would be wise to
hedge part of your 1981 crop.
Of course, the profit level
that a particular pnce offers
can’t be determined unless
you know your production
costs.
Based on a recent U.S.
Department of Agriculture
study, it cost between $2.00-
$2.50 to produce a bushel of
com this year, excluding
land and irrigation costs. It
cost around $6.00-6.16 to
produce a bushel of
soybeans, not counting land
and irrigation.
Better yet, check your own
records to find out exactly
what it cost you on your
farm. For further, in
formation on planning your
marketing strategy, contact
extension marketing
specialist Carl German at
302/738-2511.
Finance plans available.