Usually, futures positions taken on the board are generally offset before, or at maturity, so delivery of the actual, tangible commodity never takes place. It is only required that your position is offset, i.e, if you sold one corn contract, then you must buy one corn contract before maturity of your position. 99% of futures positions (on the board) are never settled by physical delivery. Delivery terms are usually quite user unfriendly, and involve delivery to a terminal or port. This is usually very impractical to the average producer. The 5000 bu contact only applies to the Board of Trade positions, so you don"t necessarily have to have 5000 bu to buy or sell 1 corn or SB contract. A majority of buyers and sellers of grain contracts are Chicago traders, who have never set foot on a farm. Forward-selling to the local elevator requires actual delivery of the commodity. There is no minimum amount to price when you spot forward-sell.
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Today's Featured Article - Sunday Drives - by Cowboy. Summer was finally upon us here in Northern Maine. We have two types of industry up here, one being "Forestry" (Wood Products) and the other "Farming" (Potatoes). There is no shortage of farm tractors and equipment around here! I have been restoring old Farm Tractors for the past 6 years, and have found it easier and less expensive to hit all the auctions and purchase whole tractors for parts needed. My wife who works at a local school, and only has weekends and summers off, while on t
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