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| It impies, to me, a lot of selling interest in the deferreds. There is a great deal of cumulative risk exposure out to 2009. I do recall in 1974, some producers walking away from contracts because some small grain elevators 'kept purchase records on the back of scrap paper or whatever'' --some which could not be enforced. It is different now of course, but back then there were also grain elevators unable or unwilling to fulfill contracts...even folks from whom it was not expected. Then the attitude was 'sue me.' Of course they did. It was not widespread by any means, but it happens. I recall some stories where the grain simply disappeared. Additionally, there are other risks and there is a huge amount of money involved. This may not be their exact reason, but it would be a concern of mine. | |
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Is this likely to be seen with other elevators?
