A basis contract essentially means you agree to market your crop through a buyer with a stated cost of being so many cents under the CBOT. A basis contract does not set a final price that you receive on a per bushel basis so you are free within the terms of the contract to see if the price rises. Some basis contracts have periods of 30 or 60 days. Some companies will allow you to rollover that contract for additional time at the cost of several cents per bushel. Given that your beans are wet there will be an additional cost for drying the crop. Call your elevator and talk to other farmers who do business there to make sure you are comfortable doing this. Right now you are facing watching your beans sit in the field subject to the weather and deterioration. Not a good feeling.
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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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