Usually, futures positions taken on the board are generally offset before, or at maturity, so delivery of the actual, tangible commodity never takes place. It is only required that your position is offset, i.e, if you sold one corn contract, then you must buy one corn contract before maturity of your position. 99% of futures positions (on the board) are never settled by physical delivery. Delivery terms are usually quite user unfriendly, and involve delivery to a terminal or port. This is usually very impractical to the average producer. The 5000 bu contact only applies to the Board of Trade positions, so you don"t necessarily have to have 5000 bu to buy or sell 1 corn or SB contract. A majority of buyers and sellers of grain contracts are Chicago traders, who have never set foot on a farm. Forward-selling to the local elevator requires actual delivery of the commodity. There is no minimum amount to price when you spot forward-sell.
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Today's Featured Article - Grain Threshing in the Early 40's - by Jerry D. Coleman. How many of you can sit there and say that you have plowed with a mule? Well I would say not many, but maybe a few. This story is about the day my Grandfather Brown (true name) decided along with my parents to purchase a new Ford tractor. It wasn't really new except to us. The year was about 1967 and my father found a good used Ford 601 tractor to use on the farm instead of "Bob", our old mule. Now my grandfather had had this mule since the mid 40's and he was getting some age on him. S
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