Ontario | Habbernator - 7/19/2012 19:53
Evening All, We called about forward contracting some crops for October delivery and the elevator sent a contract. We were more inquiring about selling with them. Now the price has gone up significantly since then and we did not sign the contracts. Would the elevator be able to say we contracted the corn even if we dont sign the contracts? Second, can we refuse these and try to have ones issued for more bushels at the current price? This is a little new to me so please bear with me.
Habbernator, you called about forward contracting and they sent a contract? Normally elevators are not in the habit of sending contracts unless you give them something specific? Like X bu, @ X price!
If you wanted to see a blank contract with all their fine print, did you specify you wanted them to send a blank contract?
A little too vague. If it is a small amount, and there is a X bu, at a X price, then it is probably better to sign it now.
Then go sell those extra bushels you wanted to sell now, with the same elevator or whomever you want to sell it to!
Going forward ask for a blank contract if you want to see the terms.
I am getting close to tape recording all my sales, as some are so busy right now; repeating can get scary. So you do have to be careful!! Also sometimes things are promised on FOB's and delivery to certain shipping locations that conveniently get forgotten @ delivery/pickup.
And I try to deal with people I do not have to repeat often, and make few mistakes!
Edited by farmer in ontario 7/19/2012 22:36
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Forward Contract not signed...valid contract?
