It depends a lot on your risk tolerance and exposure. We milk 350 cows, raise replacements, crop 1200 acres to feed them and sell cash crops. Wife and I also have a value-added cheese business. I typically buy fuel end of Jan and buy half to 3/4 of my needs. Last year, I contracted both 2021 and 2022, about 60 percent of my needs. As for your question, in years like this with high input costs, it can be smart to forward sell some of production at profitable prices to lock in some sort of return. Of course, there is risk in this, as production is not guaranteed. Some use crop insurance... I do not aside from hail coverage.
I usually have purchased feed, chemicals, seed, fertilizer and fuel bought ahead. Usually sell 1/2 to 2/3 of milk before delivery as well. As dairy has been depressed for some time, production somewhat curtailed, and feed prices likely limiting expansion,I've been limiting forward selling to products that lock in a floor but necessarily limit the upside.
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