If the elevator is doing the contract and not passing the sale on to an end user then they have to hedge the grain themselves and be exposed to all the margin calls that could occur. That could prove to be a massive amount and if they do not have the pockets or line of credit to cover it they could be in big time trouble if their position was forced out. Somebody has to take the opposite side of a HTA. Somebody has to cover that market risk.

John