Have a Plan, Not a Prediction

Have a Plan, Not a Prediction

Tim Hammerich
Tim Hammerich
News Reporter
Here with your Market Line Commodity Report, I’m Tim Hammerich.

We try to keep you informed of daily market information on this segment. Just as important as information, however, is your marketing plan. Recently Standard Grain’s Joe Vaclavik shared his five biggest grain marketing mistakes on the “Grain Markets and Other Stuff” Podcast. His first one: trying to predict where the market is going.

Vaclavik… “Nobody can predict what's going to happen in the markets, and that's something that I cannot emphasize enough. Nobody can predict this stuff, and if you've got somebody advising you who believes that they can predict or telling you that they can predict what's happening in the markets, I think you've got to run away from that. I do. I think that if you've done this long enough, if you have experience in this, if you've seen enough people make the trades and make the decisions. The market has humbled you. If you have enough experience, the market has humbled you many, many, many times. And if there is somebody who is very firmly of the opinion that they can predict it, maybe they haven't been humbled by the markets, and that's a big problem that that's a red flag to me. So be beware of false prophets.”

In closing markets:

Chicago May Wheat futures yesterday closed up $0.05 ½ to $5.26 ½.

May Corn down another $0.02 ½ to $3.02.

Live Cattle futures were up $0.65 on the June board to $84.70. Feeder Cattle for May up $0.35 to $118.50.

Class III milk yesterday up $0.03 to $11.28.

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