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 - An AC Model M Crawler - by Anthony West. Neil Atkins is a man in his late thirties, a mild and patient character who talks fondly of his farming heritage. He farms around a hundred and fifty acres of arable land, in a village called Southam, located just outside Leamington Spa in Warwickshire. The soil is a rich dark brown and is well looked after. unlike some areas in the midlands it is also fairly flat, broken only by hedgerows and the occasional valley and brook. A copse of wildbreaking silver birch and oak trees surround the top si
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