Posted by paul on November 25, 2008 at 20:48:38 from (66.44.132.73):
In Reply to: Re: farm subsidies posted by e on November 25, 2008 at 11:08:32:
Verasun got stupid - or bad advice from their lenders - and tried to play a game with buying & selling corn. They bought a lot of extra corn when it was at it's peak price back this winter, and now that it has dropped to less than 1/2 that price, they are really messed up.
Their problems have nothing to do with ethanol per say, but with how poorly their grain buyers did their job - buy high, and use after the price drops.
Oops.
Unfortunately now their grain contracts are being redone by a judge, and farmers are going to be the one's holding the bag. Either deliver your corn & hope you get paid for it a year from now after everyone else gets paid; or agree to deliver your corn contracts for current price, not the price agreed to on the contract.
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