Like this:

Last September I posted a lament over my lack of early action in pricing 2012 soybeans. In early July I took action to start pricing 2012 corn. In August I stepped up and started pricing 2012 spring wheat. In soybeans, for some reason, I was fixated on $14/bu. (Nov’12 futures).

We never got there. In early September, the Nov’12 contract peaked at $13.99½/bu. That is correct: for lack of a lousy ½ cent/bu., I passed on a great pricing opportunity. The Nov’12 contract proceeded to trade all the way down to $11.20/bu. in late November and again in mid-December. I grumbled the whole way down.

Well, the new year is here and I think it is time to turn my attention – serious attention – to pricing new crop soybeans. I start by telling myself to “forget last year” (and nearly $14 soybeans) and to thank goodness for an end-of-year rally that put $1 back on the lows set last month. I took action on the market closes of January 3 ($12.29 Nov’12 futures). It is not nearly as good as the $14 available in early September but it is, by most measures, a profitable price for soybeans.

You can find my 2012 pre-harvest marketing plan for soybeans here.