So exactly what are you asking? You talk about locking in cash prices (selling) for deferred delivery time frames but yet are thinking about buying cash corn from a neighbor and then buying corn to cover your new crop corn sold? What are you trying to do or protect?
Basically if you want to lock in 2011 or 2012 prices that you can sell at, you will need to use futures and set your basis at a later date. You would sell futures in your own hedge account and then have to pay any margin calls that may happen if prices rise. Better talk to your banker before doing that as you may have to pay large amounts of margin calls before you ultimately are able to set the basis and deliver on your cash corn. Any increase in futures prices will be offset by a higher cash price likewise any decrease in futures prices will cover an ultimate lower cash price. If futures go up you have to margin it and pay interests etc, if futures go down you receive margin money back. The huge run up in 2007 is why elevators will not offer anything out more than usually a year and that is because of the risk involved and the bankers are not willing to help finance margin calls on potential future income with the interest expense etc occuring in the nearby time frame. Personally I would not listen to Ag Day and some of the so called experts. They are book smart but practicality dumb. In other words they don't understand how the real world works. I would however, recommend making some new crop corn and bean sales to cover your input costs and maybe a little more for this coming year. As to 2011 and 2012, there is a lot of weather, corn useage etc to happen between now and then.
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