House here in MN is heated with heating oil (basically diesel fiuel) - Corn would be cheaper at $6 a bu, think $7 would still be cheaper than fuel.
I gotta get my wood burner replaced....
Elevators are not taking long-term contracts any more, they have to deal with margin calls when they do that, and that got real expensive. Don't ask me to explain it in simple terms, but as they try to offset their sales, they have to pony up more & more money as the price goes higher. It is possible some will go broke, most no longer contract 2009 crop any more, several are not contracting for the 2008 crop either - or basis went up a lot to cover the margin calls.
This leaves us farmers holding the bag - high prices, but we can't lock them in. What if prices drop in fall - would be natural with a good crop. We get heavily invested, folks hear about the 'high price of corn' all summer that we can't get, then in fall we get low prices again....
Will be interesting, could be a lot of good & bad coming from these prices. At least it is more fun that trying to figure out what to do with my $1.40 corn a few years ago.....
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Today's Featured Article - An Old-Time Tractor Demonstration - by Kim Pratt. Sam was born in rural Kansas in 1926. His dad was a hard-working farmer and the children worked hard everyday to help ends meet. In the rural area he grew up in, the highlight of the week was Saturday when many people took a break from their work to go to town. It was on one such Saturday in the early 1940's when Sam was 16 years old that he ended up in Dennison, Kansas to watch a demonstration of a new tractor being put on by a local dealer. It was an Allis-Chalmers tractor dealership,
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