News > Garden City News > Grain Team Unveils New Rare Grain Contract

Grain Team Unveils New Rare Grain Contract

Apr 18, 2020

How would you like to have the ability to capture the market high of each day no matter when the high hits?  Here at the Garden CIty Co-op, you can with the Summit Max Contract!

Here's how it works:

ENROLLMENT
  • You sign up between now and April 29th at 5 PM during the enrollment period.
  • You contract bushels in 1,000 bushel increments.  
  • All bushel quantities will need to be decided by the end of the enrollment period.
TRADING
  • Trading period will be from May 1st - July 15th (53 trading days)
  • The farmer will receive the high of each day the market trades on divided bushels
Let's say you contract 53,000 bushels with the Garden City Co-op.  Those bushels would be priced at 1,000 bushels / day.  For each day the market is open, you would receive the high of the day on those 1,000 bushels, priced in whole numbers.  In the event the market high ends with a 1/4 or 1/2 cent, the price give for the day will be rounded down to the nearest whole number.  If the market high ends in 3/4, the price given for the day will be rounded up to the nearest whole number.  
  • You have the option to price the remaining unpriced bushels at the market, NOT, the day's high.  This has to be priced during the day trading session.  
POST-CONTRACT 
  • After the contract period ends on July 15th, a final average price will be available for the futures portion of the contract.
  • You will need to decided on which crop you wish to apply this contract and have the basis locked in by 5pm on October 1st.  

If you are interested in the SUMMIT MAX CONTRACT or any of our other contracts, please give one of our grain team members a call at 620-275-6161.  


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