So you bought puts when you expected cattle prices to remain strong until Thanksgiving????? Why would you take on the additional risk of option trading if you have a ''cash'' contract? You can't hedge a sure thing. What packer do you deal with? If they are not using the futures market to hedge their buys what methodology do they use? All so called fed cattle ''forward'' contracts I have ever seen or heard of were basis contracts and the seller picked the sale date, and by extension, the ''cash'' price =/- basis depending on the actual cash price versus futures on the particular date selected to deliver cattle. In addition, negotiated grid sale premiums are set on choice/prime and yield grade averages on an individual animal basis after slaughter, there is no other way for the packer to accurately evaluate the carcass otherwise, base price is set at cattle delivery and premiums or discounts are calculated after slaughter.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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