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| Yes that’s how it worked. You could elect to take your ldp on harvested bushels on whatever day you wanted. But you had to take it before giving up beneficial interest in your bushels I believe. I remember there being days where dad and grandpa would fax in the paperwork every morning for the bushels harvested the day prior. If the market was rallying while you were still harvesting, you were losing ground on the ldp $ quickly.
It was not a profitable time. And it was dumb. But it was an interesting exercise. On one hand you were trying to sell your grain at the high of the market, while also trying to guess the bottom of the market to maximize your ldp $. It was kinda like being short $1.94 corn and cashing out whenever you saw fit. No margin risk. If you timed it wrong you received nothing, but you never wrote a check to play the game. | |
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LDP program
