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 - Museum Coverage: The Stuttgart Agricultural Museum - by Cindy Ladage. While cold wind was blowing back in Illinois, in Arkansas, daffodils were in bloom, and the Magnolia trees were adorned with fragrant blossoms. Stuttgart, Arkansas was the site of this year's winter Minneapolis Moline Collector's show February 25-27, 1999. The show was held at the Oliver Museum created by Don Oliver, the pioneer of the four wheel drive tractor. Oliver along with Gale Stroh and Kenneth Bull using Minneapolis Moline tractors and parts created what has become known as
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