Name: 

The weather in Iowa during July is a technical market factor.

The USDA Export Grain Inspections Report is issued:

The USDA Export Grain Sales Report is issued:

The USDA Supply and Demand Report is issued:

US soybean exports for the current marketing year are running:

US corn exports for the current marketing year are running:

US wheat exports for the current marketing year are running:

Which of the following is (are) true about the 2003 crops harvested in the US?

In a typical US crop year will, in order of total bushels from most to least, farmers will harvest:

Event(s) that greatly impacted the price of soybeans over the past eight months was (were):

The US produces more corn than any country. Most of the US corn crop is:

Crop production last year from Western through Eastern Europe was:

The last time soybean futures went over $10 per bushel was:

Other major commodity market news story(ies)this past winter was:

The largest buyer of US agricultural grains, year in and year out is:

Corn prices were in an uptrend from last October into April because:

Given: The July 2004 $4.00 wheat put is currently trading at 23 cents with July wheat futures at $4.02.

What is the premium of this option?

Given: The July 2004 $4.00 wheat put is currently trading at 23 cents with July wheat futures at $4.02.

What is the intrinsic value of this option?

Given: The July 2004 $4.00 wheat put is currently trading at 23 cents with July wheat futures at $4.02.

What is the strike price of this option?

Given: The July 2004 $4.00 wheat put is currently trading at 23 cents with July wheat futures at $4.02.

What is the time value of this option?

Given: The July 2004 $4.00 wheat put is currently trading at 23 cents with July wheat futures at $4.02.

When will this option expire?

Given: The July 2004 $4.00 wheat put is currently trading at 23 cents with July wheat futures at $4.02.

What is the “tic” value of this option?

Given: The July 2004 $4.00 wheat put is currently trading at 23 cents with July wheat futures at $4.02.

What is the “tic” value of the underlying futures contract of this option?

Given: The July 2004 $4.00 wheat put is currently trading at 23 cents with July wheat futures at $4.02.

If July futures are at $3.30 when this option expires, the option will be:

The state that usually produces the most corn in the US is:

The state that usually produces the most soybeans in the US is:

The state that usually produces the most wheat in the US is:

The agency that regulates the futures industry is the:

Grain elevators are regulated by:

The mathematical expression for the basis received by farmers for their grain is:

A forward contract locks in the:

A basis contract locks in the:

A Delayed Price contract locks in the:

A hedge to arrive to contract locks in the:

A farmer expects the bean basis to improve and the futures price to decline. He should use a:

A farmer expects the basis to improve and futures price to increase. He should execute:

The Loan Deficiency payment can be issued by the FSA when:

Which of the following are most likely to change on any given business day?

The most popular for of crop insurance is:

The two calendar months used to calculate the futures price for corn on a revenue insurance program are:

The latest planted date for a corn field in Ohio to quality for crop insurance is:

The form a farmer needs to file a claim a LDP is:

The latest that a farmer can lock in a given day’s LDP is:

An example of bear spread is:

A person that has purchased a put option will make money if the underlying futures contract:

A farmer sells his cash corn for $2.90 on March 1st when March corn is $3.10. He also buys a July $3.10 corn call and writes a July $3.50 corn call. When July corn goes to $3.40 on April 6th, the farmer’s situation is:

Last October, a farmer bought a March $7.00 soybean put and held it until expiration. The farmer:

A farmer delivered five loads of corn weighing a total of 16,362 pounds to SLC Elevator in January 2004. The corn was applied to a forward contract priced at $2.50 and the settlement sheet reported:

Test Weight            56.6
Total Damage              4.3
Heat Damage              0.5
Foreign Matter        0.2
Moisture            16.6

Use the information on the following grain policy sheet from SLC Elevator to answer this question:

Effective December 22, 2003
All Grain Policies are Subject to Change Without Notice at Any Time

CORN (Discount Scale, Per Bushel)

Test Weight
Total Damage
Heat Damage
Foreign Material (FM)
Musty or Sour
Infested or Rodent Pellets


The following will be averaged on a settlement sheet basis: TW, Moisture, and Damage.
Damage—All loads 10.0 and below will be averaged together. Loads 10.1 and above will be averaged together. Odor or Infested loads will not be averaged with other loads. FM loads will not be averaged together. Corn testing positive for Aflatoxin is Subject to Rejection. Treated Grain or smoke odor grains are Subject to Immediate Rejection.
Grain Bank
The first 180 days are free. A fee of $0.00083 per bushel per day or any portion thereof is charged for the balance of time remaining in grain bank. If grain is sold out of grain bank, storage rates revert to warehouse storage tariff. Hauled out charges will include a $0.10 receiving charge, a $0.10 load out charge and warehouse storage tariff fees. Only delivered corn is eligible for Grain Bank. Corn must be processed at a SLC location to qualify for Grain Bank rates.
Drying Charges for Corn



Shrink Factor:

Contract Cancellation
A charge of $0.10 per bushel for corn plus the market difference will be charged for the cancellation of contracts.

Weighing & Delivery Information
Before beginning delivery, customers are asked to provide scale and probe operators with the following information:
It is helpful to SLC accounting personnel if tenants keep their landlords advised on the status of their joint grain deliveries.
Please advise the scale operator upon completion of a delivery.
Disposition
Customers will have 15 days from the first day of unload of delivery to specify the positioning of grain (sell, storage, grain bank, price later). If disposition has not been specified after the 15^th day priced contracts will be filled first, and the balance of grain will automatically be placed in storage. Priced contracts will have checks issued unless customer has specified that a deferred payment is to be issued. A deferred payment plan cannot be changed.
GMO POLICY: All Non-Approved European Corn hybrids must be channeled and segregated for shipment to buyers willing to accept GMO grain. Armstrong, Buffalo Center, Halfa and Lone Rock will continue to accept GMO corn with notification of delivery from producers. Biotech corn seed that has been offered to producers for planting in 2003 that has not yet obtained import clearance in the EU consists of: 1) Monsanto Roundup-Ready Corn, including varieties containing the Roundup-Ready trait stacked with other traits; 2) Monsanto rootworm-control corn; 3) Pioneer Yield Gard and Liberty Link, which are stacked varieties of Monsanto 810 and T25; and 4) Dow Agro-Sciences Herculex Insect Protection corn.



How many bushels of wet corn were delivered?

A farmer delivered five loads of corn weighing a total of 16,362 pounds to SLC Elevator in January 2004. The corn was applied to a forward contract priced at $2.50 and the settlement sheet reported:

Test Weight            56.6
Total Damage              4.3
Heat Damage              0.5
Foreign Matter        0.2
Moisture            16.6

Use the information on the following grain policy sheet from SLC Elevator to answer this question:

Effective December 22, 2003
All Grain Policies are Subject to Change Without Notice at Any Time

CORN (Discount Scale, Per Bushel)

Test Weight
Total Damage
Heat Damage
Foreign Material (FM)
Musty or Sour
Infested or Rodent Pellets


The following will be averaged on a settlement sheet basis: TW, Moisture, and Damage.
Damage—All loads 10.0 and below will be averaged together. Loads 10.1 and above will be averaged together. Odor or Infested loads will not be averaged with other loads. FM loads will not be averaged together. Corn testing positive for Aflatoxin is Subject to Rejection. Treated Grain or smoke odor grains are Subject to Immediate Rejection.
Grain Bank
The first 180 days are free. A fee of $0.00083 per bushel per day or any portion thereof is charged for the balance of time remaining in grain bank. If grain is sold out of grain bank, storage rates revert to warehouse storage tariff. Hauled out charges will include a $0.10 receiving charge, a $0.10 load out charge and warehouse storage tariff fees. Only delivered corn is eligible for Grain Bank. Corn must be processed at a SLC location to qualify for Grain Bank rates.
Drying Charges for Corn



Shrink Factor:

Contract Cancellation
A charge of $0.10 per bushel for corn plus the market difference will be charged for the cancellation of contracts.

Weighing & Delivery Information
Before beginning delivery, customers are asked to provide scale and probe operators with the following information:
It is helpful to SLC accounting personnel if tenants keep their landlords advised on the status of their joint grain deliveries.
Please advise the scale operator upon completion of a delivery.
Disposition
Customers will have 15 days from the first day of unload of delivery to specify the positioning of grain (sell, storage, grain bank, price later). If disposition has not been specified after the 15^th day priced contracts will be filled first, and the balance of grain will automatically be placed in storage. Priced contracts will have checks issued unless customer has specified that a deferred payment is to be issued. A deferred payment plan cannot be changed.
GMO POLICY: All Non-Approved European Corn hybrids must be channeled and segregated for shipment to buyers willing to accept GMO grain. Armstrong, Buffalo Center, Halfa and Lone Rock will continue to accept GMO corn with notification of delivery from producers. Biotech corn seed that has been offered to producers for planting in 2003 that has not yet obtained import clearance in the EU consists of: 1) Monsanto Roundup-Ready Corn, including varieties containing the Roundup-Ready trait stacked with other traits; 2) Monsanto rootworm-control corn; 3) Pioneer Yield Gard and Liberty Link, which are stacked varieties of Monsanto 810 and T25; and 4) Dow Agro-Sciences Herculex Insect Protection corn.

How many bushels were deducted due to shrinkage?

A farmer delivered five loads of corn weighing a total of 16,362 pounds to SLC Elevator in January 2004. The corn was applied to a forward contract priced at $2.50 and the settlement sheet reported:

Test Weight            56.6
Total Damage              4.3
Heat Damage              0.5
Foreign Matter        0.2
Moisture            16.6

Use the information on the following grain policy sheet from SLC Elevator to answer this question:

Effective December 22, 2003
All Grain Policies are Subject to Change Without Notice at Any Time

CORN (Discount Scale, Per Bushel)

Test Weight
Total Damage
Heat Damage
Foreign Material (FM)
Musty or Sour
Infested or Rodent Pellets


The following will be averaged on a settlement sheet basis: TW, Moisture, and Damage.
Damage—All loads 10.0 and below will be averaged together. Loads 10.1 and above will be averaged together. Odor or Infested loads will not be averaged with other loads. FM loads will not be averaged together. Corn testing positive for Aflatoxin is Subject to Rejection. Treated Grain or smoke odor grains are Subject to Immediate Rejection.
Grain Bank
The first 180 days are free. A fee of $0.00083 per bushel per day or any portion thereof is charged for the balance of time remaining in grain bank. If grain is sold out of grain bank, storage rates revert to warehouse storage tariff. Hauled out charges will include a $0.10 receiving charge, a $0.10 load out charge and warehouse storage tariff fees. Only delivered corn is eligible for Grain Bank. Corn must be processed at a SLC location to qualify for Grain Bank rates.
Drying Charges for Corn



Shrink Factor:

Contract Cancellation
A charge of $0.10 per bushel for corn plus the market difference will be charged for the cancellation of contracts.

Weighing & Delivery Information
Before beginning delivery, customers are asked to provide scale and probe operators with the following information:
It is helpful to SLC accounting personnel if tenants keep their landlords advised on the status of their joint grain deliveries.
Please advise the scale operator upon completion of a delivery.
Disposition
Customers will have 15 days from the first day of unload of delivery to specify the positioning of grain (sell, storage, grain bank, price later). If disposition has not been specified after the 15^th day priced contracts will be filled first, and the balance of grain will automatically be placed in storage. Priced contracts will have checks issued unless customer has specified that a deferred payment is to be issued. A deferred payment plan cannot be changed.
GMO POLICY: All Non-Approved European Corn hybrids must be channeled and segregated for shipment to buyers willing to accept GMO grain. Armstrong, Buffalo Center, Halfa and Lone Rock will continue to accept GMO corn with notification of delivery from producers. Biotech corn seed that has been offered to producers for planting in 2003 that has not yet obtained import clearance in the EU consists of: 1) Monsanto Roundup-Ready Corn, including varieties containing the Roundup-Ready trait stacked with other traits; 2) Monsanto rootworm-control corn; 3) Pioneer Yield Gard and Liberty Link, which are stacked varieties of Monsanto 810 and T25; and 4) Dow Agro-Sciences Herculex Insect Protection corn.

The deduction for heat damage was how much?

A farmer delivered five loads of corn weighing a total of 16,362 pounds to SLC Elevator in January 2004. The corn was applied to a forward contract priced at $2.50 and the settlement sheet reported:

Test Weight            56.6
Total Damage              4.3
Heat Damage              0.5
Foreign Matter        0.2
Moisture            16.6

Use the information on the following grain policy sheet from SLC Elevator to answer this question:

Effective December 22, 2003
All Grain Policies are Subject to Change Without Notice at Any Time

CORN (Discount Scale, Per Bushel)

Test Weight
Total Damage
Heat Damage
Foreign Material (FM)
Musty or Sour
Infested or Rodent Pellets


The following will be averaged on a settlement sheet basis: TW, Moisture, and Damage.
Damage—All loads 10.0 and below will be averaged together. Loads 10.1 and above will be averaged together. Odor or Infested loads will not be averaged with other loads. FM loads will not be averaged together. Corn testing positive for Aflatoxin is Subject to Rejection. Treated Grain or smoke odor grains are Subject to Immediate Rejection.
Grain Bank
The first 180 days are free. A fee of $0.00083 per bushel per day or any portion thereof is charged for the balance of time remaining in grain bank. If grain is sold out of grain bank, storage rates revert to warehouse storage tariff. Hauled out charges will include a $0.10 receiving charge, a $0.10 load out charge and warehouse storage tariff fees. Only delivered corn is eligible for Grain Bank. Corn must be processed at a SLC location to qualify for Grain Bank rates.
Drying Charges for Corn



Shrink Factor:

Contract Cancellation
A charge of $0.10 per bushel for corn plus the market difference will be charged for the cancellation of contracts.

Weighing & Delivery Information
Before beginning delivery, customers are asked to provide scale and probe operators with the following information:
It is helpful to SLC accounting personnel if tenants keep their landlords advised on the status of their joint grain deliveries.
Please advise the scale operator upon completion of a delivery.
Disposition
Customers will have 15 days from the first day of unload of delivery to specify the positioning of grain (sell, storage, grain bank, price later). If disposition has not been specified after the 15^th day priced contracts will be filled first, and the balance of grain will automatically be placed in storage. Priced contracts will have checks issued unless customer has specified that a deferred payment is to be issued. A deferred payment plan cannot be changed.
GMO POLICY: All Non-Approved European Corn hybrids must be channeled and segregated for shipment to buyers willing to accept GMO grain. Armstrong, Buffalo Center, Halfa and Lone Rock will continue to accept GMO corn with notification of delivery from producers. Biotech corn seed that has been offered to producers for planting in 2003 that has not yet obtained import clearance in the EU consists of: 1) Monsanto Roundup-Ready Corn, including varieties containing the Roundup-Ready trait stacked with other traits; 2) Monsanto rootworm-control corn; 3) Pioneer Yield Gard and Liberty Link, which are stacked varieties of Monsanto 810 and T25; and 4) Dow Agro-Sciences Herculex Insect Protection corn.

The deduction for FM was how much?

A farmer delivered five loads of corn weighing a total of 16,362 pounds to SLC Elevator in January 2004. The corn was applied to a forward contract priced at $2.50 and the settlement sheet reported:

Test Weight            56.6
Total Damage              4.3
Heat Damage              0.5
Foreign Matter        0.2
Moisture            16.6

Use the information on the following grain policy sheet from SLC Elevator to answer this question:

Effective December 22, 2003
All Grain Policies are Subject to Change Without Notice at Any Time

CORN (Discount Scale, Per Bushel)

Test Weight
Total Damage
Heat Damage
Foreign Material (FM)
Musty or Sour
Infested or Rodent Pellets


The following will be averaged on a settlement sheet basis: TW, Moisture, and Damage.
Damage—All loads 10.0 and below will be averaged together. Loads 10.1 and above will be averaged together. Odor or Infested loads will not be averaged with other loads. FM loads will not be averaged together. Corn testing positive for Aflatoxin is Subject to Rejection. Treated Grain or smoke odor grains are Subject to Immediate Rejection.
Grain Bank
The first 180 days are free. A fee of $0.00083 per bushel per day or any portion thereof is charged for the balance of time remaining in grain bank. If grain is sold out of grain bank, storage rates revert to warehouse storage tariff. Hauled out charges will include a $0.10 receiving charge, a $0.10 load out charge and warehouse storage tariff fees. Only delivered corn is eligible for Grain Bank. Corn must be processed at a SLC location to qualify for Grain Bank rates.
Drying Charges for Corn



Shrink Factor:

Contract Cancellation
A charge of $0.10 per bushel for corn plus the market difference will be charged for the cancellation of contracts.

Weighing & Delivery Information
Before beginning delivery, customers are asked to provide scale and probe operators with the following information:
It is helpful to SLC accounting personnel if tenants keep their landlords advised on the status of their joint grain deliveries.
Please advise the scale operator upon completion of a delivery.
Disposition
Customers will have 15 days from the first day of unload of delivery to specify the positioning of grain (sell, storage, grain bank, price later). If disposition has not been specified after the 15^th day priced contracts will be filled first, and the balance of grain will automatically be placed in storage. Priced contracts will have checks issued unless customer has specified that a deferred payment is to be issued. A deferred payment plan cannot be changed.
GMO POLICY: All Non-Approved European Corn hybrids must be channeled and segregated for shipment to buyers willing to accept GMO grain. Armstrong, Buffalo Center, Halfa and Lone Rock will continue to accept GMO corn with notification of delivery from producers. Biotech corn seed that has been offered to producers for planting in 2003 that has not yet obtained import clearance in the EU consists of: 1) Monsanto Roundup-Ready Corn, including varieties containing the Roundup-Ready trait stacked with other traits; 2) Monsanto rootworm-control corn; 3) Pioneer Yield Gard and Liberty Link, which are stacked varieties of Monsanto 810 and T25; and 4) Dow Agro-Sciences Herculex Insect Protection corn.

The drying charge for this settlement was how much(within 5 cent)?

A farmer delivered five loads of corn weighing a total of 16,362 pounds to SLC Elevator in January 2004. The corn was applied to a forward contract priced at $2.50 and the settlement sheet reported:

Test Weight            56.6
Total Damage              4.3
Heat Damage              0.5
Foreign Matter        0.2
Moisture            16.6

Use the information on the following grain policy sheet from SLC Elevator to answer this question:

Effective December 22, 2003
All Grain Policies are Subject to Change Without Notice at Any Time

CORN (Discount Scale, Per Bushel)

Test Weight
Total Damage
Heat Damage
Foreign Material (FM)
Musty or Sour
Infested or Rodent Pellets


The following will be averaged on a settlement sheet basis: TW, Moisture, and Damage.
Damage—All loads 10.0 and below will be averaged together. Loads 10.1 and above will be averaged together. Odor or Infested loads will not be averaged with other loads. FM loads will not be averaged together. Corn testing positive for Aflatoxin is Subject to Rejection. Treated Grain or smoke odor grains are Subject to Immediate Rejection.
Grain Bank
The first 180 days are free. A fee of $0.00083 per bushel per day or any portion thereof is charged for the balance of time remaining in grain bank. If grain is sold out of grain bank, storage rates revert to warehouse storage tariff. Hauled out charges will include a $0.10 receiving charge, a $0.10 load out charge and warehouse storage tariff fees. Only delivered corn is eligible for Grain Bank. Corn must be processed at a SLC location to qualify for Grain Bank rates.
Drying Charges for Corn



Shrink Factor:

Contract Cancellation
A charge of $0.10 per bushel for corn plus the market difference will be charged for the cancellation of contracts.

Weighing & Delivery Information
Before beginning delivery, customers are asked to provide scale and probe operators with the following information:
It is helpful to SLC accounting personnel if tenants keep their landlords advised on the status of their joint grain deliveries.
Please advise the scale operator upon completion of a delivery.
Disposition
Customers will have 15 days from the first day of unload of delivery to specify the positioning of grain (sell, storage, grain bank, price later). If disposition has not been specified after the 15^th day priced contracts will be filled first, and the balance of grain will automatically be placed in storage. Priced contracts will have checks issued unless customer has specified that a deferred payment is to be issued. A deferred payment plan cannot be changed.
GMO POLICY: All Non-Approved European Corn hybrids must be channeled and segregated for shipment to buyers willing to accept GMO grain. Armstrong, Buffalo Center, Halfa and Lone Rock will continue to accept GMO corn with notification of delivery from producers. Biotech corn seed that has been offered to producers for planting in 2003 that has not yet obtained import clearance in the EU consists of: 1) Monsanto Roundup-Ready Corn, including varieties containing the Roundup-Ready trait stacked with other traits; 2) Monsanto rootworm-control corn; 3) Pioneer Yield Gard and Liberty Link, which are stacked varieties of Monsanto 810 and T25; and 4) Dow Agro-Sciences Herculex Insect Protection corn.

The farmer delivered this corn to how many different branches?

A farmer delivered five loads of corn weighing a total of 16,362 pounds to SLC Elevator in January 2004. The corn was applied to a forward contract priced at $2.50 and the settlement sheet reported:

Test Weight            56.6
Total Damage              4.3
Heat Damage              0.5
Foreign Matter        0.2
Moisture            16.6

Use the information on the following grain policy sheet from SLC Elevator to answer this question:

Effective December 22, 2003
All Grain Policies are Subject to Change Without Notice at Any Time

CORN (Discount Scale, Per Bushel)

Test Weight
Total Damage
Heat Damage
Foreign Material (FM)
Musty or Sour
Infested or Rodent Pellets


The following will be averaged on a settlement sheet basis: TW, Moisture, and Damage.
Damage—All loads 10.0 and below will be averaged together. Loads 10.1 and above will be averaged together. Odor or Infested loads will not be averaged with other loads. FM loads will not be averaged together. Corn testing positive for Aflatoxin is Subject to Rejection. Treated Grain or smoke odor grains are Subject to Immediate Rejection.
Grain Bank
The first 180 days are free. A fee of $0.00083 per bushel per day or any portion thereof is charged for the balance of time remaining in grain bank. If grain is sold out of grain bank, storage rates revert to warehouse storage tariff. Hauled out charges will include a $0.10 receiving charge, a $0.10 load out charge and warehouse storage tariff fees. Only delivered corn is eligible for Grain Bank. Corn must be processed at a SLC location to qualify for Grain Bank rates.
Drying Charges for Corn



Shrink Factor:

Contract Cancellation
A charge of $0.10 per bushel for corn plus the market difference will be charged for the cancellation of contracts.

Weighing & Delivery Information
Before beginning delivery, customers are asked to provide scale and probe operators with the following information:
It is helpful to SLC accounting personnel if tenants keep their landlords advised on the status of their joint grain deliveries.
Please advise the scale operator upon completion of a delivery.
Disposition
Customers will have 15 days from the first day of unload of delivery to specify the positioning of grain (sell, storage, grain bank, price later). If disposition has not been specified after the 15^th day priced contracts will be filled first, and the balance of grain will automatically be placed in storage. Priced contracts will have checks issued unless customer has specified that a deferred payment is to be issued. A deferred payment plan cannot be changed.
GMO POLICY: All Non-Approved European Corn hybrids must be channeled and segregated for shipment to buyers willing to accept GMO grain. Armstrong, Buffalo Center, Halfa and Lone Rock will continue to accept GMO corn with notification of delivery from producers. Biotech corn seed that has been offered to producers for planting in 2003 that has not yet obtained import clearance in the EU consists of: 1) Monsanto Roundup-Ready Corn, including varieties containing the Roundup-Ready trait stacked with other traits; 2) Monsanto rootworm-control corn; 3) Pioneer Yield Gard and Liberty Link, which are stacked varieties of Monsanto 810 and T25; and 4) Dow Agro-Sciences Herculex Insect Protection corn.

If the farmer had put this corn on Commercial Storage, he would have had:

A farmer delivered five loads of corn weighing a total of 16,362 pounds to SLC Elevator in January 2004. The corn was applied to a forward contract priced at $2.50 and the settlement sheet reported:

Test Weight            56.6
Total Damage              4.3
Heat Damage              0.5
Foreign Matter        0.2
Moisture            16.6

Use the information on the following grain policy sheet from SLC Elevator to answer this question:

Effective December 22, 2003
All Grain Policies are Subject to Change Without Notice at Any Time

CORN (Discount Scale, Per Bushel)

Test Weight
Total Damage
Heat Damage
Foreign Material (FM)
Musty or Sour
Infested or Rodent Pellets


The following will be averaged on a settlement sheet basis: TW, Moisture, and Damage.
Damage—All loads 10.0 and below will be averaged together. Loads 10.1 and above will be averaged together. Odor or Infested loads will not be averaged with other loads. FM loads will not be averaged together. Corn testing positive for Aflatoxin is Subject to Rejection. Treated Grain or smoke odor grains are Subject to Immediate Rejection.
Grain Bank
The first 180 days are free. A fee of $0.00083 per bushel per day or any portion thereof is charged for the balance of time remaining in grain bank. If grain is sold out of grain bank, storage rates revert to warehouse storage tariff. Hauled out charges will include a $0.10 receiving charge, a $0.10 load out charge and warehouse storage tariff fees. Only delivered corn is eligible for Grain Bank. Corn must be processed at a SLC location to qualify for Grain Bank rates.
Drying Charges for Corn



Shrink Factor:

Contract Cancellation
A charge of $0.10 per bushel for corn plus the market difference will be charged for the cancellation of contracts.

Weighing & Delivery Information
Before beginning delivery, customers are asked to provide scale and probe operators with the following information:
It is helpful to SLC accounting personnel if tenants keep their landlords advised on the status of their joint grain deliveries.
Please advise the scale operator upon completion of a delivery.
Disposition
Customers will have 15 days from the first day of unload of delivery to specify the positioning of grain (sell, storage, grain bank, price later). If disposition has not been specified after the 15^th day priced contracts will be filled first, and the balance of grain will automatically be placed in storage. Priced contracts will have checks issued unless customer has specified that a deferred payment is to be issued. A deferred payment plan cannot be changed.
GMO POLICY: All Non-Approved European Corn hybrids must be channeled and segregated for shipment to buyers willing to accept GMO grain. Armstrong, Buffalo Center, Halfa and Lone Rock will continue to accept GMO corn with notification of delivery from producers. Biotech corn seed that has been offered to producers for planting in 2003 that has not yet obtained import clearance in the EU consists of: 1) Monsanto Roundup-Ready Corn, including varieties containing the Roundup-Ready trait stacked with other traits; 2) Monsanto rootworm-control corn; 3) Pioneer Yield Gard and Liberty Link, which are stacked varieties of Monsanto 810 and T25; and 4) Dow Agro-Sciences Herculex Insect Protection corn.

The net check for the farmer would be about how much?

A farmer delivered five loads of corn weighing a total of 16,362 pounds to SLC Elevator in January 2004. The corn was applied to a forward contract priced at $2.50 and the settlement sheet reported:

Test Weight            56.6
Total Damage              4.3
Heat Damage              0.5
Foreign Matter        0.2
Moisture            16.6

Use the information on the following grain policy sheet from SLC Elevator to answer this question:

Effective December 22, 2003
All Grain Policies are Subject to Change Without Notice at Any Time

CORN (Discount Scale, Per Bushel)

Test Weight
Total Damage
Heat Damage
Foreign Material (FM)
Musty or Sour
Infested or Rodent Pellets


The following will be averaged on a settlement sheet basis: TW, Moisture, and Damage.
Damage—All loads 10.0 and below will be averaged together. Loads 10.1 and above will be averaged together. Odor or Infested loads will not be averaged with other loads. FM loads will not be averaged together. Corn testing positive for Aflatoxin is Subject to Rejection. Treated Grain or smoke odor grains are Subject to Immediate Rejection.
Grain Bank
The first 180 days are free. A fee of $0.00083 per bushel per day or any portion thereof is charged for the balance of time remaining in grain bank. If grain is sold out of grain bank, storage rates revert to warehouse storage tariff. Hauled out charges will include a $0.10 receiving charge, a $0.10 load out charge and warehouse storage tariff fees. Only delivered corn is eligible for Grain Bank. Corn must be processed at a SLC location to qualify for Grain Bank rates.
Drying Charges for Corn



Shrink Factor:

Contract Cancellation
A charge of $0.10 per bushel for corn plus the market difference will be charged for the cancellation of contracts.

Weighing & Delivery Information
Before beginning delivery, customers are asked to provide scale and probe operators with the following information:
It is helpful to SLC accounting personnel if tenants keep their landlords advised on the status of their joint grain deliveries.
Please advise the scale operator upon completion of a delivery.
Disposition
Customers will have 15 days from the first day of unload of delivery to specify the positioning of grain (sell, storage, grain bank, price later). If disposition has not been specified after the 15^th day priced contracts will be filled first, and the balance of grain will automatically be placed in storage. Priced contracts will have checks issued unless customer has specified that a deferred payment is to be issued. A deferred payment plan cannot be changed.
GMO POLICY: All Non-Approved European Corn hybrids must be channeled and segregated for shipment to buyers willing to accept GMO grain. Armstrong, Buffalo Center, Halfa and Lone Rock will continue to accept GMO corn with notification of delivery from producers. Biotech corn seed that has been offered to producers for planting in 2003 that has not yet obtained import clearance in the EU consists of: 1) Monsanto Roundup-Ready Corn, including varieties containing the Roundup-Ready trait stacked with other traits; 2) Monsanto rootworm-control corn; 3) Pioneer Yield Gard and Liberty Link, which are stacked varieties of Monsanto 810 and T25; and 4) Dow Agro-Sciences Herculex Insect Protection corn.

The title to this grain was transferred to the elevator when:

A farmer delivered five loads of corn weighing a total of 16,362 pounds to SLC Elevator in January 2004. The corn was applied to a forward contract priced at $2.50 and the settlement sheet reported:

Test Weight            56.6
Total Damage              4.3
Heat Damage              0.5
Foreign Matter        0.2
Moisture            16.6

Use the information on the following grain policy sheet from SLC Elevator to answer this question:

Effective December 22, 2003
All Grain Policies are Subject to Change Without Notice at Any Time

CORN (Discount Scale, Per Bushel)

Test Weight
Total Damage
Heat Damage
Foreign Material (FM)
Musty or Sour
Infested or Rodent Pellets


The following will be averaged on a settlement sheet basis: TW, Moisture, and Damage.
Damage—All loads 10.0 and below will be averaged together. Loads 10.1 and above will be averaged together. Odor or Infested loads will not be averaged with other loads. FM loads will not be averaged together. Corn testing positive for Aflatoxin is Subject to Rejection. Treated Grain or smoke odor grains are Subject to Immediate Rejection.
Grain Bank
The first 180 days are free. A fee of $0.00083 per bushel per day or any portion thereof is charged for the balance of time remaining in grain bank. If grain is sold out of grain bank, storage rates revert to warehouse storage tariff. Hauled out charges will include a $0.10 receiving charge, a $0.10 load out charge and warehouse storage tariff fees. Only delivered corn is eligible for Grain Bank. Corn must be processed at a SLC location to qualify for Grain Bank rates.
Drying Charges for Corn



Shrink Factor:

Contract Cancellation
A charge of $0.10 per bushel for corn plus the market difference will be charged for the cancellation of contracts.

Weighing & Delivery Information
Before beginning delivery, customers are asked to provide scale and probe operators with the following information:
It is helpful to SLC accounting personnel if tenants keep their landlords advised on the status of their joint grain deliveries.
Please advise the scale operator upon completion of a delivery.
Disposition
Customers will have 15 days from the first day of unload of delivery to specify the positioning of grain (sell, storage, grain bank, price later). If disposition has not been specified after the 15^th day priced contracts will be filled first, and the balance of grain will automatically be placed in storage. Priced contracts will have checks issued unless customer has specified that a deferred payment is to be issued. A deferred payment plan cannot be changed.
GMO POLICY: All Non-Approved European Corn hybrids must be channeled and segregated for shipment to buyers willing to accept GMO grain. Armstrong, Buffalo Center, Halfa and Lone Rock will continue to accept GMO corn with notification of delivery from producers. Biotech corn seed that has been offered to producers for planting in 2003 that has not yet obtained import clearance in the EU consists of: 1) Monsanto Roundup-Ready Corn, including varieties containing the Roundup-Ready trait stacked with other traits; 2) Monsanto rootworm-control corn; 3) Pioneer Yield Gard and Liberty Link, which are stacked varieties of Monsanto 810 and T25; and 4) Dow Agro-Sciences Herculex Insect Protection corn.

The letters “EU” in the policy statement refers to:

A farmer delivered five loads of corn weighing a total of 16,362 pounds to SLC Elevator in January 2004. The corn was applied to a forward contract priced at $2.50 and the settlement sheet reported:

Test Weight            56.6
Total Damage              4.3
Heat Damage              0.5
Foreign Matter        0.2
Moisture            16.6

Use the information on the following grain policy sheet from SLC Elevator to answer this question:

Effective December 22, 2003
All Grain Policies are Subject to Change Without Notice at Any Time

CORN (Discount Scale, Per Bushel)

Test Weight
Total Damage
Heat Damage
Foreign Material (FM)
Musty or Sour
Infested or Rodent Pellets


The following will be averaged on a settlement sheet basis: TW, Moisture, and Damage.
Damage—All loads 10.0 and below will be averaged together. Loads 10.1 and above will be averaged together. Odor or Infested loads will not be averaged with other loads. FM loads will not be averaged together. Corn testing positive for Aflatoxin is Subject to Rejection. Treated Grain or smoke odor grains are Subject to Immediate Rejection.
Grain Bank
The first 180 days are free. A fee of $0.00083 per bushel per day or any portion thereof is charged for the balance of time remaining in grain bank. If grain is sold out of grain bank, storage rates revert to warehouse storage tariff. Hauled out charges will include a $0.10 receiving charge, a $0.10 load out charge and warehouse storage tariff fees. Only delivered corn is eligible for Grain Bank. Corn must be processed at a SLC location to qualify for Grain Bank rates.
Drying Charges for Corn



Shrink Factor:

Contract Cancellation
A charge of $0.10 per bushel for corn plus the market difference will be charged for the cancellation of contracts.

Weighing & Delivery Information
Before beginning delivery, customers are asked to provide scale and probe operators with the following information:
It is helpful to SLC accounting personnel if tenants keep their landlords advised on the status of their joint grain deliveries.
Please advise the scale operator upon completion of a delivery.
Disposition
Customers will have 15 days from the first day of unload of delivery to specify the positioning of grain (sell, storage, grain bank, price later). If disposition has not been specified after the 15^th day priced contracts will be filled first, and the balance of grain will automatically be placed in storage. Priced contracts will have checks issued unless customer has specified that a deferred payment is to be issued. A deferred payment plan cannot be changed.
GMO POLICY: All Non-Approved European Corn hybrids must be channeled and segregated for shipment to buyers willing to accept GMO grain. Armstrong, Buffalo Center, Halfa and Lone Rock will continue to accept GMO corn with notification of delivery from producers. Biotech corn seed that has been offered to producers for planting in 2003 that has not yet obtained import clearance in the EU consists of: 1) Monsanto Roundup-Ready Corn, including varieties containing the Roundup-Ready trait stacked with other traits; 2) Monsanto rootworm-control corn; 3) Pioneer Yield Gard and Liberty Link, which are stacked varieties of Monsanto 810 and T25; and 4) Dow Agro-Sciences Herculex Insect Protection corn.

The letters “GMO” in the policy statements refers to:

A farmer delivered five loads of corn weighing a total of 16,362 pounds to SLC Elevator in January 2004. The corn was applied to a forward contract priced at $2.50 and the settlement sheet reported:

Test Weight            56.6
Total Damage              4.3
Heat Damage              0.5
Foreign Matter        0.2
Moisture            16.6

Use the information on the following grain policy sheet from SLC Elevator to answer this question:

Effective December 22, 2003
All Grain Policies are Subject to Change Without Notice at Any Time

CORN (Discount Scale, Per Bushel)

Test Weight
Total Damage
Heat Damage
Foreign Material (FM)
Musty or Sour
Infested or Rodent Pellets


The following will be averaged on a settlement sheet basis: TW, Moisture, and Damage.
Damage—All loads 10.0 and below will be averaged together. Loads 10.1 and above will be averaged together. Odor or Infested loads will not be averaged with other loads. FM loads will not be averaged together. Corn testing positive for Aflatoxin is Subject to Rejection. Treated Grain or smoke odor grains are Subject to Immediate Rejection.
Grain Bank
The first 180 days are free. A fee of $0.00083 per bushel per day or any portion thereof is charged for the balance of time remaining in grain bank. If grain is sold out of grain bank, storage rates revert to warehouse storage tariff. Hauled out charges will include a $0.10 receiving charge, a $0.10 load out charge and warehouse storage tariff fees. Only delivered corn is eligible for Grain Bank. Corn must be processed at a SLC location to qualify for Grain Bank rates.
Drying Charges for Corn



Shrink Factor:

Contract Cancellation
A charge of $0.10 per bushel for corn plus the market difference will be charged for the cancellation of contracts.

Weighing & Delivery Information
Before beginning delivery, customers are asked to provide scale and probe operators with the following information:
It is helpful to SLC accounting personnel if tenants keep their landlords advised on the status of their joint grain deliveries.
Please advise the scale operator upon completion of a delivery.
Disposition
Customers will have 15 days from the first day of unload of delivery to specify the positioning of grain (sell, storage, grain bank, price later). If disposition has not been specified after the 15^th day priced contracts will be filled first, and the balance of grain will automatically be placed in storage. Priced contracts will have checks issued unless customer has specified that a deferred payment is to be issued. A deferred payment plan cannot be changed.
GMO POLICY: All Non-Approved European Corn hybrids must be channeled and segregated for shipment to buyers willing to accept GMO grain. Armstrong, Buffalo Center, Halfa and Lone Rock will continue to accept GMO corn with notification of delivery from producers. Biotech corn seed that has been offered to producers for planting in 2003 that has not yet obtained import clearance in the EU consists of: 1) Monsanto Roundup-Ready Corn, including varieties containing the Roundup-Ready trait stacked with other traits; 2) Monsanto rootworm-control corn; 3) Pioneer Yield Gard and Liberty Link, which are stacked varieties of Monsanto 810 and T25; and 4) Dow Agro-Sciences Herculex Insect Protection corn.

If the cash price of corn on the day of delivery had been $2.00 and the farmer was 100 bushels short of filling his contract priced at $2.50, the farmer would owe the elevator how much?

A farmer delivered five loads of corn weighing a total of 16,362 pounds to SLC Elevator in January 2004. The corn was applied to a forward contract priced at $2.50 and the settlement sheet reported:

Test Weight            56.6
Total Damage              4.3
Heat Damage              0.5
Foreign Matter        0.2
Moisture            16.6

Use the information on the following grain policy sheet from SLC Elevator to answer this question:

Effective December 22, 2003
All Grain Policies are Subject to Change Without Notice at Any Time

CORN (Discount Scale, Per Bushel)

Test Weight
Total Damage
Heat Damage
Foreign Material (FM)
Musty or Sour
Infested or Rodent Pellets


The following will be averaged on a settlement sheet basis: TW, Moisture, and Damage.
Damage—All loads 10.0 and below will be averaged together. Loads 10.1 and above will be averaged together. Odor or Infested loads will not be averaged with other loads. FM loads will not be averaged together. Corn testing positive for Aflatoxin is Subject to Rejection. Treated Grain or smoke odor grains are Subject to Immediate Rejection.
Grain Bank
The first 180 days are free. A fee of $0.00083 per bushel per day or any portion thereof is charged for the balance of time remaining in grain bank. If grain is sold out of grain bank, storage rates revert to warehouse storage tariff. Hauled out charges will include a $0.10 receiving charge, a $0.10 load out charge and warehouse storage tariff fees. Only delivered corn is eligible for Grain Bank. Corn must be processed at a SLC location to qualify for Grain Bank rates.
Drying Charges for Corn



Shrink Factor:

Contract Cancellation
A charge of $0.10 per bushel for corn plus the market difference will be charged for the cancellation of contracts.

Weighing & Delivery Information
Before beginning delivery, customers are asked to provide scale and probe operators with the following information:
It is helpful to SLC accounting personnel if tenants keep their landlords advised on the status of their joint grain deliveries.
Please advise the scale operator upon completion of a delivery.
Disposition
Customers will have 15 days from the first day of unload of delivery to specify the positioning of grain (sell, storage, grain bank, price later). If disposition has not been specified after the 15^th day priced contracts will be filled first, and the balance of grain will automatically be placed in storage. Priced contracts will have checks issued unless customer has specified that a deferred payment is to be issued. A deferred payment plan cannot be changed.
GMO POLICY: All Non-Approved European Corn hybrids must be channeled and segregated for shipment to buyers willing to accept GMO grain. Armstrong, Buffalo Center, Halfa and Lone Rock will continue to accept GMO corn with notification of delivery from producers. Biotech corn seed that has been offered to producers for planting in 2003 that has not yet obtained import clearance in the EU consists of: 1) Monsanto Roundup-Ready Corn, including varieties containing the Roundup-Ready trait stacked with other traits; 2) Monsanto rootworm-control corn; 3) Pioneer Yield Gard and Liberty Link, which are stacked varieties of Monsanto 810 and T25; and 4) Dow Agro-Sciences Herculex Insect Protection corn.

If the cash price of corn on the day of delivery had been $3.00 and the farmer was 100 bushels short of filling his contract priced at $2.50, the farmer would owe the elevator how much?

A farmer delivered five loads of corn weighing a total of 16,362 pounds to SLC Elevator in January 2004. The corn was applied to a forward contract priced at $2.50 and the settlement sheet reported:

Test Weight            56.6
Total Damage              4.3
Heat Damage              0.5
Foreign Matter        0.2
Moisture            16.6

Use the information on the following grain policy sheet from SLC Elevator to answer this question:

Effective December 22, 2003
All Grain Policies are Subject to Change Without Notice at Any Time

CORN (Discount Scale, Per Bushel)

Test Weight
Total Damage
Heat Damage
Foreign Material (FM)
Musty or Sour
Infested or Rodent Pellets


The following will be averaged on a settlement sheet basis: TW, Moisture, and Damage.
Damage—All loads 10.0 and below will be averaged together. Loads 10.1 and above will be averaged together. Odor or Infested loads will not be averaged with other loads. FM loads will not be averaged together. Corn testing positive for Aflatoxin is Subject to Rejection. Treated Grain or smoke odor grains are Subject to Immediate Rejection.
Grain Bank
The first 180 days are free. A fee of $0.00083 per bushel per day or any portion thereof is charged for the balance of time remaining in grain bank. If grain is sold out of grain bank, storage rates revert to warehouse storage tariff. Hauled out charges will include a $0.10 receiving charge, a $0.10 load out charge and warehouse storage tariff fees. Only delivered corn is eligible for Grain Bank. Corn must be processed at a SLC location to qualify for Grain Bank rates.
Drying Charges for Corn



Shrink Factor:

Contract Cancellation
A charge of $0.10 per bushel for corn plus the market difference will be charged for the cancellation of contracts.

Weighing & Delivery Information
Before beginning delivery, customers are asked to provide scale and probe operators with the following information:
It is helpful to SLC accounting personnel if tenants keep their landlords advised on the status of their joint grain deliveries.
Please advise the scale operator upon completion of a delivery.
Disposition
Customers will have 15 days from the first day of unload of delivery to specify the positioning of grain (sell, storage, grain bank, price later). If disposition has not been specified after the 15^th day priced contracts will be filled first, and the balance of grain will automatically be placed in storage. Priced contracts will have checks issued unless customer has specified that a deferred payment is to be issued. A deferred payment plan cannot be changed.
GMO POLICY: All Non-Approved European Corn hybrids must be channeled and segregated for shipment to buyers willing to accept GMO grain. Armstrong, Buffalo Center, Halfa and Lone Rock will continue to accept GMO corn with notification of delivery from producers. Biotech corn seed that has been offered to producers for planting in 2003 that has not yet obtained import clearance in the EU consists of: 1) Monsanto Roundup-Ready Corn, including varieties containing the Roundup-Ready trait stacked with other traits; 2) Monsanto rootworm-control corn; 3) Pioneer Yield Gard and Liberty Link, which are stacked varieties of Monsanto 810 and T25; and 4) Dow Agro-Sciences Herculex Insect Protection corn.

The writer of an option has:

If a farmer has 100,000 bushels of corn growing in the field and has 5,000 bushel sold in the December futures, he should want the corn price to:

If it is April and November beans are $8.00 with January beans at $7.90 on the same day and a farmer wants to do a HTA to price for January delivery, he should:

The typical soybean crush break-even is about:

The largest competing vegetable oil product for soybean oil in the world market place is:

In recent years soybean planted acres in the extreme fringe areas of Northwestern Corn Belt have:

Egg prices recently made 20 year highs. For producers of corn and soybeans, this is:

Broilers numbers and cattle on feed numbers are currently:

Cattle from Canada are currently not allowed to be imported into the USA. When Canadian cattle are allowed imported into the US once again, a possible market impact will be:

Canadian feeder cattle are currently banned because:

The biggest foreign buyer of USA chicken the past few years has been:

The biggest foreign buyer of US soybeans this marketing year is:

The US marketing year for wheat is:

The largest agriculture product value producing state is:

The first edition of the monthly S&D for the 2004-2005 crops was or will be issued:

On the 8 April 2004 US and World Supply and Demand ( S&D) Report, the USDA:

Grain related USDA reports are issued at 8:30 AM Eastern time. On 8 April, after the USDA S&D was released, the CBOT futures prices for beans:

2003 was only the second year US  farmers harvested a 10+ billion bushel corn crop. The first time was:

1982 was the first year the US produced an 8 billion bushel corn crop. When was the first year the US harvested a 3 billion bushel soybean crop?

Over the last 15 years, in general, US soybean acres have increased at the expenses of:

In the last five years, trend yields for corn have:

Basis is a function of:

The futures market is primarily a function of:

In the last five years, trend yields for soybeans have:

Of the following, which is an unsecured and interest free loan?

The farmers of Ohio have some protection from grain elevators going bankrupt in the form of a fund managed by the Ohio Department of Agriculture. This fund is funded by:

The largest grain exporting company in the world is:

Which of the following are oilseeds?

Which of the following are feed grains?

From a pure money management perspective, on farm grain storage bins should be used to facilitate harvest and to:

Everything else being equal, general inflation is:

Ocean freight rates over the past six months have:

The CBOT is likely to increase margin requirements when:

If bullish consensus is 15%, you should expect:

If a speculator shorts 2 contracts of December corn at $3.40 and the market declines to $3.31, she has:

If a farmer shorts 2 contracts of December corn at $3.40 and the market declines to $3.31, she has:

According to the USDA, South America has produced more beans than the US:

The oldest commodity futures exchange is the:

The US dollar value in the last nine months has:

“Open Interest” is a: