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Red River Valley | very few farmers were doing this practice on there own most were doing it through the elevators.
In my area the farmers took the hit more so than the elevators, If I remember correctly in southern Minn. a group of farmers sued the elevators and forced them to void out the contracts and stuck the elevators down there for the bill.
One of the defenses used by the farmers was that the HTA's were to complicated for them to fully understand what they had gotten themselves into.
It was a very unfortunate time for all some owned up to their mistake others did what they thought they needed to do to survive.
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July 4th Corn price reversal.
