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 - Harvestin Hay: The Early Years (Part 2) - by Pat Browning. The summer of 1950 was the start of a new era in farming for our family. I was thirteen, and Kathy (my oldest sister) was seven. At this age, I believed tractor farming was the only way, hot stuff -- and given a chance I probably would have used the tractor, Dad's first, a 1936 Model "A" John Deere, to go bring in the cows! And I think Dad was ready for some automation too. And so it was that we acquired a good, used J. I. Case, wire tie hay baler. In addition to a person to drive th
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