RCG’s recommendations for soybean marketing based on November 2011 futures prices to date are as follows:

• Sept. 2010, – 10% sold at $10.89/bu.

            • Nov. 2010, – 10% sold at $12.39.

            • Nov. 2010, – 10% sold at $11.77.

            • Jan. 2011 – 10% sold at $12.78.

            • April 2011 – 10% sold at $13.69.

            • July 2011 – 10% sold at $13.59.

     • June 2011 – 10% sold at $13.94.

     •10% covered with put options.

That’s 70% of expected soybean production sold and 10% covered with put options. With the $2.80 drop in bean prices from late August to late-September, the remaining beans will likely be marketed in 2012, barring an unexpected rally.

“Similar to corn, we’re comfortable with our sales at this point,” Johansen says. “We’ll look to roll the futures or HTAs over to 2012 if good carries develop, and we’ll monitor basis to make final cash sales. Futures or options may be used to cover previous sales on breaks.”

Usset’s soybean sales are based off a 70-80¢-under basis. He’s also looking at rolling soybean futures trades into 2012 due to the bullish potential for them. Here are his initial plans in italic and actual trades in bold for 2011 crop sales (he ignored decision dates and made no sale if prices were below $9.20 cash or $10 November futures):

            • Price 2,500 bu. at $8.40 cash ($9.10 futures) using some form of fixed-price contract. Aug. 4, 2010, $10.13 Nov. 2011 futures.

            • Price 2,500 bu. at $8.80 cash ($9.50 futures), by March 18, pricing tool tbd. Aug. 4, 2010, $10.13 futures.

            • Price 2,500 bu. at $9.20 cash ($9.90 futures), by April 6, pricing tool tbd. Sept. 17, 2010, $10.56 futures.

            • Price 2,500 bu. at $9.60 cash ($10.30 futures), by April 18, pricing tool tbd.Sept. 17, 2010, $10.56 futures.

            Price 2,500 bu. at $10.80 cash ($11.60 futures). by May 4, pricing tool tbd.Jan. 3, 2011, $12.94 futures.

            Price 2,500 bu. at $11.20 cash ($12 futures), or by May 17, pricing tool tbd.Jan. 3, 2011 $12.94 futures.

            Price my last 2,500 bu. at $11.60 cash ($12.40 futures) April 18, pricing tool tbd.

or by June 15. No sales yet.