Posted by JDseller on October 31, 2010 at 21:09:52 from (208.126.196.117):
In Reply to: Grain contracts posted by Reid1650 on October 31, 2010 at 16:56:01:
Well young man you are going to pay for your education in farming. We all have made mistakes. Plus we all will make different mistakes in the future.
You did not say what kind of yield you think you will get on the acres you have. the math is as follows: 120 x 50 bpa = 6000 6500 - 6000 = 500 So you will be about 500 bushels short if you average 50 bushels per acre. Todays market price + or - your contract price plus any shortage charges. Around here that is around 9 cents per bushel. Cash price 10/29/2010 Northeast Iowa $11.55/bu. The math 11.55 - 9.35 + .09 = $2.29 500 x 2.29 = $1145
So it will cost you about $1100 to buy out your shortage. Now what is your contract delivery month? IF it was Oct. then you don"t have much option. If it is Nov. or Dec. then you might get a slightly better buy out if the market cools down. Some think it will after the election and the next crop report. Either way you will not be hurt too bad. I guess you now will know to gather more information before you rent any more ground. You need information that is independent of the land owner. I have two different farms that we rent that the sellers acre count was way off. They had let the trees crowd the fields on all sides for many years. If that is on all four sides then the acres can easily be off by 10-15%.
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