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festus51 
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Joined: 26 Mar 2017
Location: Osage City, KS
Points: 1639
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 Topic: price of beans
Posted: 20 Nov 2023 at 2:33am |
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What is good price to sell soybeans. Price in east central KS is about $13.50 Or should I wait a month expecting a price increase. I would like to sell this year because income tax would be negible (sp)
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We the unwilling Led by the unqualified Doing the impossible for the Ungrateful
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Kenny L.
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Joined: 12 Sep 2009
Location: NEIOWA
Points: 1264
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Posted: 20 Nov 2023 at 5:57am |
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Can you afford to loose money if the price goes down, If you're making money at the 13.50 price If it was me I would be selling and if you've more bushels then need to break even I may sell enough to break even and play with the rest of the bushels, as you know it is always a gamble.
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DanWi
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Joined: 18 Sep 2009
Location: wttn
Points: 1746
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Posted: 20 Nov 2023 at 7:33am |
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It's hard to believe with the amount of the US that had drought conditions or excess rain that the final numbers come in as a big crop. Although we have had some good yields here not all of them are good. I don't think the market is going to show that till early next year. The only way the market would rise sooner is with some other outside news.
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AC7060IL
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Joined: 19 Aug 2012
Location: central IL
Points: 3324
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Posted: 20 Nov 2023 at 7:35am |
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$13.50 plus your (13.9%?) income tax rate would add up to $15.38 for 2023.
Of course if you wait until 2024 & get 15.38, but then pay your income tax rate, you’re back to 13.50.
But If in 2024, you only get 13.50, then after tax you’re at 11.85 !!
Edited by AC7060IL - 20 Nov 2023 at 7:41am
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IBWD MIke
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Joined: 08 Apr 2012
Location: Newton Ia.
Points: 3647
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Posted: 20 Nov 2023 at 8:11am |
I'm sitting on about 90% of my bean crop until after the first of the year. Corn, I would like top sell some so the storage bill isn't so high. Ordered new tires for the 856 Saturday, that will help with some of the tax problem!
My wonderful sister kind of put me on a financial roller coaster the last couple years. She's completely out of the picture now so at least things should level out!
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Lars(wi)
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Joined: 14 Sep 2009
Location: Permian Basin
Points: 7106
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Posted: 20 Nov 2023 at 10:16am |
 DanWi wrote:
It's hard to believe with the amount of the US that had drought conditions or excess rain that the final numbers come in as a big crop. Although we have had some good yields here not all of them are good. I don't think the market is going to show that till early next year. The only way the market would rise sooner is with some other outside news. |
This has always been ‘burr under my saddle’ when it comes to crop reports, how truly accurate are the numbers. When the USDA gets involved, even the Man upstairs doesn’t know what is right. I don’t fully trust Chip Flory either.
Edited by Lars(wi) - 20 Nov 2023 at 10:17am
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I tried to follow the science, but it was not there. I then followed the money, and that’s where I found the science.
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festus51
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Joined: 26 Mar 2017
Location: Osage City, KS
Points: 1639
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Posted: 20 Nov 2023 at 1:51pm |
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Thanks for all the comments I'm going to wait a month and hopefully get a little price increase.
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We the unwilling Led by the unqualified Doing the impossible for the Ungrateful
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DMiller
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Joined: 14 Sep 2009
Location: Hermann, Mo
Points: 30780
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Posted: 20 Nov 2023 at 1:58pm |
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Have been past MULTIPLE Grain Storage facilities over the last weeks, ALL so far have returned to aggregate EXTERIOR Storage of Corn and Beans bins are Choke Full, "awaiting a Rise in prices or will sit and rot where lays" by those that cultivated said crop.
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DiyDave
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Joined: 11 Sep 2009
Location: Gambrills, MD
Points: 51415
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Posted: 20 Nov 2023 at 4:35pm |
It all depends on whether the bean price increases faster than the money is being printed... 
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AC7060IL
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Joined: 19 Aug 2012
Location: central IL
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Posted: 10 Jan 2024 at 8:22am |
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Today January 10, 2024, before opening, Soybean cash price locally is $12.28. St Louis River Terminal cash price is $12.73.
Brazil/Argentina expects record yields despite weather?? China soybean crush levels are at low demand.
Did you sell at $13.50 last November?
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Codger
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Joined: 23 Dec 2020
Location: Illinois
Points: 2022
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Posted: 10 Jan 2024 at 8:48am |
I don't know commodity prices at all as don't farm. I do however drive a hopper bottom trailer during harvest for my cousin being my only involvement. During harvest I filled two bins with beans and three with corn. They raise cattle so I know where the corn goes, but don't with the beans. When the price is "up" does a guy unload the bin and then take it to the elevator or a terminal? May sound a dumb question but I've never seen that part of his operation at all.
Kind of wondered from time to time why some use bins, some don't and they remain empty. The implement dealer I help out has some property with five bins they used for years and now go straight to the elevator. I don't know why they ceased using them but the elevator is close proximity and expanded greatly when taken over by Akron Services from local ownership.
Several local farmers have told me they'd hire me to haul grain if I was to purchase a trailer as they know I do this during cousin's harvest. If work is available for my truck basically year round I may consider it.
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A career built on repairing and improving engineering design deficiencies, shortcomings, and failures over 50 years now.
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plummerscarin
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Joined: 22 Jun 2015
Location: ia
Points: 3387
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Posted: 10 Jan 2024 at 9:31am |
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No bean storage here so hauled straight to the elevator from field and storage fees didn’t math out. Probably best to have let them go then? Always a crap shoot it seems. Am holding some corn but who knows. Certainly not me and not wise enough to play the games I read about
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