It's just like forward contracts in dairy- crop farmer agrees to deliver a certain product at a certain price within a certain time period. If CBOT corn is $7.50 for December- local elevator runs about 40 cents under and will contract with me for $7.10. I get paid upon delivery. Typical to sell several times, in various amounts, and contract for less than total bushels produced. They want the bushels, and opting out is not an option. I buy crop insurance to protect my inputs, and can insure at various crop price levels. Higher coverage requires a higher premium. Yield has to be below a certain level to collect for a poor crop. Yield floor is determined by previous production history on my acres. Now, with the option to insure price, I can have a yield above the yield floor, but still collect on the price guarantee.
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Today's Featured Article - Talk of the Town: Winterizing Engines - To Drain or Not to Drain? - by Russ Berry. What is this strange attraction I have to equipment and machinery? How did I get this way? I came from the suburbs and own a small horse farm in rural Loudoun County, Virginia. You can call me a "weekend farmer." The local farmers do. Does it bother me? No. I am just happy to have their friendship. At least the word "farmer" is in my title. But what is the attraction? How can I explain the sensation and exhilaration I feel when I turn the key and hear the engine come to life (most
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