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 - Product Review: Black Tire Paint - by Staff. I have been fortunate in that two of my tractors have had rear tires that were in great shape when I bought the tractor. My model "H" even had the old style fronts with plenty of tread. My "L" fronts were mismatched Sears Guardsman snow tires, which I promptly tossed. Well, although these tires were in good shape as far as tread was concerned, they looked real sad. All were flat, but new tubes fixed that. In addition to years and years of scuffing and fading, they had paint splattered on
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