just when you think you have saw it all ?????

[Guest]

Wanna hear a good one ?
Carried our nexera to the last day at xxxxx ($24.25/ bushel apparently wasn’t enough to get by earlier , lol)
So we have a plus $62 basis, July futures was at $818 plus $62 should be $19.96
But xxxxx says we are only gonna give you $19.19 because there’s no buyers ?
So what good is a *** contract ????
will fill in the xxxxx's next week if they actually try to pull this off ?
has anyone ran into this before ?
we really need a farmers advocacy protection agency from some of stolen check off money

[blackpowder]

Effectively they are changing their agreed upon basis????

[sumdumguy]

If you just keep it a few more days, their tune may change.

[Sodbuster]

Were you trying to sell it on the last day or rolling it? I rolled our wheat contract last Friday after the market was closed at the posted ending prices.

[Marusko]

maybe the grain commission would have something to say

https://grainscanada.gc.ca/en/index.html

anything in your terms and conditions

[Guest]

Nope they have no legislation for that
Told us we’re on our own
Not sure what their mandate is ?
Work for grain CO’s I guess ?

[Guest]

If you just keep it a few more days, their tune may change.

We did that
But nowhere on contract does it say you can’t sell it if there is no buyers ?

[foragefarmer]

Wanna hear a good one ?
Carried our nexera to the last day at xxxxx ($24.25/ bushel apparently wasn’t enough to get by earlier , lol)
So we have a plus $62 basis, July futures was at $818 plus $62 should be $19.96
But xxxxx says we are only gonna give you $19.19 because there’s no buyers ?
So what good is a *** contract ????
will fill in the xxxxx's next week if they actually try to pull this off ?
has anyone ran into this before ?
we really need a farmers advocacy protection agency from some of stolen check off money

Hard to believe, how can they not honor a contract. Losing .79 cents a bushel adds up.

Have you contact their Head Office by chance?

Do you have a lawyer that you have done business with in the past. Maybe a short letter could change their minds?

Just a suggestion . Good luck

[Grahamp]

Was it Richardson? They run a separate basis from commodity canola. So when you signed the contract they may have told you the basis is +60, but it is not fixed like LDC. So unless you specifically locked that Nexerra basis level in, it continues to float until you deliver. In my experience they can be very sneaky about this and generally unless you ask directly they don’t tell you it floats. Worse it can be completely disconnected from the commodity canola basis.

[Maver]

If you're not afraid of burning bridges, start by threatening legal action.. If they don't give, have a lawyer send them a letter. $19+ canola can pay some legal fees.

[farmboy44]

Wanna hear a good one ?
Carried our nexera to the last day at xxxxx ($24.25/ bushel apparently wasn’t enough to get by earlier , lol)
So we have a plus $62 basis, July futures was at $818 plus $62 should be $19.96
But xxxxx says we are only gonna give you $19.19 because there’s no buyers ?
So what good is a *** contract ????
will fill in the xxxxx's next week if they actually try to pull this off ?
has anyone ran into this before ?
we really need a farmers advocacy protection agency from some of stolen check off money

I don’t like it, but you see this on days it’s limit up/down. Just because the last trade was made at a certain level doesn’t mean you can sell it at that if the market is closed OR if it’s up/down limit.

The price level where the last trade was completed and the highest bid available to sell at are two different things. In years past you’d never see it but it’s happened a few times this year given how volatile futures have been.

If you own enbridge shares and they are currently priced at $75, that means the last transaction took place at $75. If you want to sell at $75, what happens if the highest bidder is only $74.95? Should you get $75? Now imagine that if regular stocks also could only go down $5 per day. On a day it goes down a full $5, buyers know the value is likely to keeps going down, so instead of bidding $70 they only bid 67. Same idea here. YOU still own the futures, so you are looking for a buyer, not the grain company. And unfortunately there isn’t a buyer at the price you want.

Even worse if you actually left this on the futures until the last day of trading there would be hardly any volume left. You would’ve been one of the last holders left, looking for a buyer who has already rolled his position to the next month. No wonder there is no buyers ... never leave it that late, that’s why most companies make you price or roll by the 15th.

Saved you a call to the commissioner/lawyer. A good lesson in marketing and rules of the grain exchange.

[blackpowder]

Ya, normally you get a call well ahead of first notice day to do something with them. I've never been treated that way.

[Guest]

I don’t like it, but you see this on days it’s limit up/down. Just because the last trade was made at a certain level doesn’t mean you can sell it at that if the market is closed OR if it’s up/down limit.

The price level where the last trade was completed and the highest bid available to sell at are two different things. In years past you’d never see it but it’s happened a few times this year given how volatile futures have been.

If you own enbridge shares and they are currently priced at $75, that means the last transaction took place at $75. If you want to sell at $75, what happens if the highest bidder is only $74.95? Should you get $75? Now imagine that if regular stocks also could only go down $5 per day. On a day it goes down a full $5, buyers know the value is likely to keeps going down, so instead of bidding $70 they only bid 67. Same idea here. YOU still own the futures, so you are looking for a buyer, not the grain company. And unfortunately there isn’t a buyer at the price you want.

Even worse if you actually left this on the futures until the last day of trading there would be hardly any volume left. You would’ve been one of the last holders left, looking for a buyer who has already rolled his position to the next month. No wonder there is no buyers ... never leave it that late, that’s why most companies make you price or roll by the 15th.

Saved you a call to the commissioner/lawyer. A good lesson in marketing and rules of the grain exchange.

thanks farm boy , kinda learned that today
i will be the first to admit that i am a pisspoor marketer and technically inept
i shoulda been kicked in the nuts for letting $24.25 go by

[farmboy44]

Ya, normally you get a call well ahead of first notice day to do something with them. I've never been treated that way.

I agree that the guy likely should’ve received a courtesy call a couple weeks ago.. I would hope my relationship meant that much. But if they have no skin in the game, they may have not even paid attention to it

[LEP]

I agree that the guy likely should’ve received a courtesy call a couple weeks ago.. I would hope my relationship meant that much. But if they have no skin in the game, they may have not even paid attention to it

Was it a new rep? I am training 4 new ones in this area. Testing my patience. Cheques cut wrong despite clear instructions in writing. Plus they make alot of assumptions in dealings. Finding myself doing everything by phonecall followed up by a text so that there is a record of exactly what was discussed.

I was hauling a red lentil contract and was short .2 mt. One of the reps wondered when I was going to haul the rest of the contract. I said that's 8 - 5 gallon pails. Ooh.