John, the elevators are always buying and selling on the board of trade. Whenever they make a buy they make a futures sale, or they should make a futures sale. As far as the amount of grain forward contracted goes, I really can’t give you a percentage of how much grain is forward contracted. I’m 50% forward contracted on corn and only 25% on beans. I wish I would have contracted more beans, but I did not so I suffer the consequences. That’s what happens when you are your own boss, in your own business. You can’t blame your losses on anyone but yourself when you pass up an opportunity to lock in a small profit. Here in Iowa we have elevators with million bushel piles of corn they can’t sell because that corn is being stored at that elevator by farmers who have chosen not to sell. The elevator has to physically have on storage the amount of bushels they have customer warehouse receipts for. Some of these farmer customers have two year’s worth of grain on warehouse receipts they are paying storage on. I can only speculate on why they are sitting on this corn.
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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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