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 - Tractor Proflie: John Deere Model R - by Staff. The John Deere Model R, the last of the lettered tractors, was the first diesel-powered tractor produced by John Deere with a gasoline starting engine. It was also the first tractor they produced that had an optional steel cab. The photo above shows the tractor w
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