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Just to clarify the covid payment
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tywbrown
Posted 5/20/2020 10:30 (#8269270 - in reply to #8269006)
Subject: RE: Just to clarify the covid payment


So the wording in the big white paper is “Unpriced inventory means any production that is not subject to an agreed upon price in the future through a forward contract, agreement, or similar binding document.” So in the case with a HTA or basis contract ownership of the grain is still with the farmer for sure. Also, the price has not been agreed upon. You either need to set the basis or the futures price. DP you have lost ownership and it is not in your inventory. If you ask any grain merchant if there is an agreed upon price with a HTA or Basis contract and 100% of them will say no. To me the wording seems clear. Now if it is in your inventory and you have it cash contracted for February delivery for example then there is an agreed upon price and it would not qualify.
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