Any grain delivered before 1:00pm will be priced on that day's Chicago Board of Trade closing price. Any grain delivered after 1:00pm will be priced at the next day's Chicago Board of Trade closing price.
You are subject to price fluctuations during the day and any basis changes that we may encounter. (You may be assured that we will be as fair as possible)
This contract is similar to a cash forward contract in regards to the Producer has a specific quantity of grain, wishes to set a definite price and time period of delivery. However, the producer does not wish to be paid within the customary 7 day time period. They choose to have their payment delayed to a specific date. This is not a storage contract. The grain dealer (Buyer) becomes the owner of any grain which the producer (Seller) delivers to the grain dealer under this contract. The producer relinquishes ownership and control of the grain, and becomes an unsecured creditor pending payment.
With this type of contract you can lock in the price of your grain for a given time-frame, usually a month or 30-day period. (This is done often for new crop sales in the fall.) Also, this contract can be made for grain that is stored here in the fall. If you wish to price it for a later date (after the first of the year) you will be charged storage rent until the middle of the month you are selling in. The contract transfers ownership from farmer to QGS either upon delivery or, if stored, on date of check.
This type of contract can be made in person of over the phone. Price cannot be established by voicemail or E-mail.
With this contract you can offer to sell your grain at the price you are trying to accomplish. We will watch the market for you. You will need to establish a time period in which you wish to deliver the grain- usually within a specified month. This type of offer can be cancelled an any time prior to the target price being accepted.
These offers can be made in person, over the phone, or by E-mail.