A basis contract essentially means you agree to market your crop through a buyer with a stated cost of being so many cents under the CBOT. A basis contract does not set a final price that you receive on a per bushel basis so you are free within the terms of the contract to see if the price rises. Some basis contracts have periods of 30 or 60 days. Some companies will allow you to rollover that contract for additional time at the cost of several cents per bushel. Given that your beans are wet there will be an additional cost for drying the crop. Call your elevator and talk to other farmers who do business there to make sure you are comfortable doing this. Right now you are facing watching your beans sit in the field subject to the weather and deterioration. Not a good feeling.
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Today's Featured Article - New Hitches For Your Old Tractor - by Chris Pratt. For this article, we are going to make the irrational and unlikely assumption that you purchased an older tractor that is in tip top shape and needs no immediate repairs other than an oil change and a good bath. To the newcomer planning to restore the machine, this means you have everything you need for the moment (something to sit in the shop and just look at for awhile while you read the books). To the newcomer that wants to get out and use the machine for field work, you may have already hit a major roadblock. That is the dreaded "proprietary hitch". With the exception of the
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