Grains Looking Weak

[Wheatking]

I know if I had any contracts I was concerned about filling I'd take this dip in prices as an opportunity to buy out the contracts. And do not let the elevator salesman talk you out of it. Buy those contracts back ASAP, it will only get worse from here on out.

[BreadWinner]

I don’t think most companies will let you buy out production contracts unless crop insurance writes off the crop. That’s the shitty part about signing contracts, you can’t get out till it’s too late.

[farming101]

I don’t think most companies will let you buy out production contracts unless crop insurance writes off the crop. That’s the shitty part about signing contracts, you can’t get out till it’s too late.

Correct

[Wheatking]

I don’t think most companies will let you buy out production contracts unless crop insurance writes off the crop. That’s the shitty part about signing contracts, you can’t get out till it’s too late.

I think it was 2011-12 the last time I had to buy out a contract due to flooding. The guy at the elevator told me to wait and wait and wait as I maybe I'll find a way to fill it. Well what would of maybe gained me some money if I did it when I suspected I may be in trouble, cost me $100,000 when I delivered what pittance I had that was chicken feed, and couldn't fill in the majority of the contract. And to add insult to injury the administration fees where astronomical, much more than what it would of cost to buy it back on the board using a broker.

I haven't had to deal with it since so I'm not real sure on the in and outs of buying out a contract. Should be illegal to not be given the option to buy out a contract for little more than the current price and contracted price.