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| When I do a forward sale with my local elevator, they turn around and short the equivalent amount of bushels on the board to cover themselves. No Chinaman involved. That’s how the vast majority of forward contracts work. One time in the mid nineties though, my brother had a contract for organic beans with the Japs being the end user, and after waiting forever for his money, they notified his broker they were breaking the contract cuz beans had fallen in price so bad. Offered six bucks a bushel less than contracted price, take it or leave it. He took it. And that was the last organic crop he ever raised. | |
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grain companies cancelling contracts
