Grain Policies

Due to a recent court ruling regarding Voluntary credit Sales contracts, all contracts must have signed contracts returned to us within 30 days of final delivery.  If we do not have signed contracts in our possession all grain will be priced and p aid 30 days after final delivery.  Voluntary credit Sales contracts include Price Later, Deferred Payments and Installment Sales.

All contracts must be signed by the producer and returned to a Full Circle Ag Office before any settlements can be finalized and checks issued. 

Grain Contracts:  All grain contracts will be mailed out and the seller should sign and return as soon as possible.  Seller will notify Full Circle Ag of any disagreement with contract terms.

Grain Delivery for Contract Application:  All scale tickets will be applied to the oldest open contract for the delivery period.  If there are no open contracts, or the contracts are filled grain will be placed in the price later program in effect at that time.

Futures Fixed Contract Application:  On Futures Fixed contracts, basis will be set on the entire contract on the first day of delivery if the basis has not been set before delivery.  NO price later bushels can be applied to this type of contract. 

Pricing:  Pricing of price later, storage, basis fixed and minimum price grain should be done during the trading session (8:30 AM to 1:15 Pm and 7:00 Pm to 7:45 AM) unless agreed to otherwise.  We can take targets at any time. 

Forward or Priced Contracts:  Forward or priced contracts should be done during the trading session unless otherwise agreed upon.  Bushels should be delivered in the delivery period of when pricing contract was made for.  NO price later bushels can be applied to forward pricing contracts.

Minimum Price:  This contract establishes a minimum price but gives the producer the opportunity to take advantage of an upswing in the market by buying a call option. 

Basis Contract:  A basis contract is priced in two steps.  The initial contract specifies the bushel amount, the delivery period and the “basis” to a particular futures month.  The basis is the difference between the cash price and the futures price.  The futures price is to be set at a future date.  Delivery of grain can be made without pricing the futures.  A price later contract can be converted to a basis contract (storage will stop, but storage that has accrued will be collected upon settlement.)

Price Later Contracts:  We offer various price later programs throughout the year. Price later charges will start on first day of delivery.   Please check with us for the program that is in effect at the time. For harvest delivery of 2014 crop, we will give 15 free days and if not sold in those 15 days charges will start. 

Instalment Sale Contracts:  Full Circle Ag offer installment sale contracts at 2% interest and payment will be made the first week of January and checks can be picked up at the offices in Gwinner, Forman or Claremont .  Checks will be mailed out upon request.

Deferred Payments:  Deferred payments are contracts that payment can be made within a specific date range.  NO interest is paid on this type of contract. 

Grain Bank:  Grain Bank is a function where the producer puts grain in for the purpose of taking it out to feed for livestock.  It is limited to 5000 bushels per producer and storage is charged if the grain is in the elevator for more than 15 days. 

Settlements:  Grain settlements can almost always be made on the day of sale, but it will be helpful if customers call so settlements will be made promptly.  We will honor all security interests which are known to us.