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 paid 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.


Pricing of price later, storage, basis fixed, and minimum price grain should be done during the trading session unless agreed to otherwise. We can take targets at any time. 

Installment Sale Contracts

Full Circle Ag offer installment sale contracts at 1% interest and payment will be made the first week of January. Checks can be picked up at the offices in Forman or Britton. 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 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. 


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

Target Offers

Producers may enter into an agreement where they make an offer to enter into a cash grain contract or a futures fixed contract. This helps producers to take advantage of short-lived rallies if the offer is in the system.  Plus, there is no need to monitor the markets minute by minute if there is a price goal in mind. Any price amount and bushel quantity can be offered. Offers can be canceled at any time if they have not been filled.

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.


    • Quantity and price are fixed, with no further price risk.
    • Quality risk is passed to buyer.
    • Money is immediately available.


    • Pricing flexibility and delivery are eliminated.
    • No chance for further price increases. 


Futures Fixed Contract

Futures Fixed Contracts or Hedge to Arrive the futures are set at time of contracting. The 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.


    • Takes advantage of high futures levels, leaving the basis open for improvement
    • Futures downside price risk is eliminated.
    • No margin calls or exchange fees


    • Open to basis level changes
    • Cannot take advantage of futures rallies.
    • Payment is not received until basis is set and grain delivered

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. 


    • Risk of futures price decline is eliminated yet allows the opportunity to participate in higher futures prices if the market moves higher prior to the contract’s expiration date.
    • The minimum price is guaranteed and paid in full upon completion of delivery
    • Premiums are based on CBOT traded options
    • Very safe and costs are easily identified


    • Depending on option prices and volatility, it may cost more than storage rates.
    • At the time of contracting, the Minimum Price level may be less than forward contracting
    • Requires selling in 5,000-bushel increments


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.) A basis contract may be rolled forward to another contract month, at the spread between the futures months, plus a fee.


    • Downside basis risk is eliminated
    • May take advantage of future rallies
    • May avoid a weak (harvest) basis or flat price
    • Can receive an advance of 70% of contract value
    • Quality risk passes to buyer
    • Avoids price later charges
    • No minimum bushels required


    • Basis improvements cannot be realized
    • You remain subject to the risk of changes in the futures prices
    • Requires knowledge of local historical basis

There is risk in asking for additional equity in case cash value fall below advancement levels.

Price Later Contracts

We offer various price later programs throughout the year. This contract allows a producer to move grain without establishing a price.  Charges may vary.  Title to the grain passes to the buyer upon delivery and will not be able to use for government loans.  Please check with us for the program that is in effect at the time. 


    • Can make delivery while avoiding historically low (harvest) prices
    • Do not need on-farm storage, and price later may be cheaper than commercial storage
    • Quality risk passes to buyer upon delivery
    • On free price, it allows producers to move grain when they have time; then they can sell it in any bushel amount when they decide to sell


    • Subject to basis and futures price risk
    • No payment until contract is priced
    • This is not a storage contract. Title passes to buyer and you are unable to get a loan or LDP once put into price later.

We also offer Producer Accumulator Contracts. These contracts price bushels on a weekly basis, yet give protection of a floor price. Please stop into the office for more information on these types of contracts.