Contract Policies

General Contract Policies

  • Delivered grain will be applied to the oldest contracts first, unless prior arrangements are made.
  • Contracts will be paid when the contract is filled, not on a per load basis.
  • Contracted bushels need to be delivered within the date range specified in the contract, unless other arrangements are made. Bushels not delivered by the contract date may be subject to a fee equivalent to any losses incurred on that contract by Midwest Cooperative. This is subject to market conditions.
  • Midwest Cooperative reserves the right not to buy cash grain outside of regular trading hours in certain market conditions.

Signed/Unsigned Contract Policies

  • Midwest Cooperative will not write checks on delivered grain if that entity/person has any unsigned contracts older than 15 days with Midwest Cooperative.
  • New contracts will also not be made if that entity/person has any unsigned contracts older than 15 days.

Contract Over-run/Un-contracted Grain

  • Contract overrun grain is priced automatically unless other pricing arrangements are made. This policy is subject to change.
  • Grain that is delivered, but not contracted, will be priced automatically at the next business day’s close.
  • Un-priced grain will be priced at the next business day’s close.
  • Grain placed in a DP program can only be priced on the current day’s cash price. Forward contracts cannot be made for bushels already delivered.

Basis Contract Policies

  • Futures must be set on basis contracts by the 20th of the month prior to the contract futures month; if not priced the basis contract will automatically be rolled to the next futures month with the appropriate spread and fee added or subtracted from the basis.
  • Midwest Cooperative reserves the right to not allow futures pricing on basis contracts outside of normal trading hours.

HTA (Futures Only) Contract Policies

  • HTA fees will be assessed at the time of grain settlement and are subject to change.
  • Basis must be priced before delivery of the grain.

Wheat Protein Scales – Discount Schedules

  • Protein scales may be set at time of delivery or sale; subject to the buyer.
  • Protein premiums will only be paid on #1 milling quality wheat.
  • Discounts are done on a per load basis.

POLICIES SUBJECT TO CHANGE AT ANY TIME

 

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