So you bought puts when you expected cattle prices to remain strong until Thanksgiving????? Why would you take on the additional risk of option trading if you have a ''cash'' contract? You can't hedge a sure thing. What packer do you deal with? If they are not using the futures market to hedge their buys what methodology do they use? All so called fed cattle ''forward'' contracts I have ever seen or heard of were basis contracts and the seller picked the sale date, and by extension, the ''cash'' price =/- basis depending on the actual cash price versus futures on the particular date selected to deliver cattle. In addition, negotiated grid sale premiums are set on choice/prime and yield grade averages on an individual animal basis after slaughter, there is no other way for the packer to accurately evaluate the carcass otherwise, base price is set at cattle delivery and premiums or discounts are calculated after slaughter.
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Today's Featured Article - It's Alright Where It Is! - by Anthony West. I have a tale of a different kind to tell. Whilst rooting in the hedge bottoms this week I had cause to visit Chapel lane Farm, the home of an eccentric gentleman by the name of Austin Kendall. I had heard rumours that an old Case Model C was languishing away in the back of one of the outbuildings there. So off I went in search of what would turn out to be a very rare and unusual tractor. Mr Kendall is an excitable chap to say the least. He is amongst the last of a dying breed of farmer who
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