Corn Silage Club Winners Announced S^H-****»**»«*«m»,* UNIVERSITY PARK (Centre Co.) Following are the results of the 1993 Pcnnsyl « OrylMar % V&u* TDNfea CnKfcPn*. M Urn AppMnuHMM’ aubMOTbf T/A HgQ TtntMOT TDK FrOWH FWAtw >»yAo» fmJh WM»| N HM K3Q wnmihomsc. 33.1 03.0 m no 74 isooo im mm so 1034043 mkm>r« HorAnmtnnMM 37.3 (7.7 04 704 (0 11710 1330 >11714 30 lot IX 100 rtontw 3*77 DwMMMm 03.7 70J 7.1 700 0.0 0000 1130 tOOOO 37 03 101 300 Em—346 Axraot IM((IOIM.Fam 3M 07.1 114 71J 7J 1(700 1047 03400 30 100 ISO 300 PtonMr 3304 HunOnoVOH»F«mi» 14J 03J 7.4 03J 70 0307 till 30701 30 130 100 330 DMMwIi TO* Mo Awno» Amp Fill AvaraoaaUMwnia Ml 95.0 Tap 9 tona far TDN/A Lang* 9roa. Farm 99J 97.1 Fw* Inaipnla 944 M. 7 VMtofflflowtSr. 99.1 924 ** «* ■s. **o V V r-'' » y/V'*’. *'■' AlFTarrain Banders And Calibration FREE: Avsllble To Force Users Contact Your Zeneca Dealer 10(3 FonmylMiili Com 00AQ4 Clufe ttJ (0.1 7.7 704) 0.0 10(37 1330 3(3(1 31 S 3 107 370 14 000 304 (3 a (4 (04 34 3030 1113 33110 30 143 100 110 JU_£Z »■’ 734 04 l| 3740 nl 073 83013 30 370 307 303 304 (7.7 01 734 (4 (740 073 33013 30 370 307 303 30.7 (04 (4 (74 74 18030 13(1 30000 30 140 140 300 301 004 04 734 OO 0004 1030 371C3 33 ISO (I 141 14 307 10; 71J9 9.0 14999 1991 19919 90 177 140 279 94.4 997 99.7 9.0 11241 1297 29919 91 199 190 219 71 S 7J 15709 1947 2)409 90 190 120 200 Plonaar 3394 71.0 9.0 14999 1991 MIS 90 177 140 279 Honatf 3295 99.0 7.9 19994 1199 29914 90 193 a 45 Of Ktb 924 'Nutriantt Indudt farttear. manure and crop raaldut cradlts There’s more to an insecticide than meets the eye So it pays to look closely at every aspect of FORCE’ insecticide Compared to Counter and Lorsban, the unique psrethroid chemistry of Ft )RCE fie. the way you farm in the h Mh. To get all the facts about H )RCE. including the new clay tbrmulatton atid casy-to-handle plastu bag. tali Zeneca at 1-K00*759-2500. Or sec your Zeneca dealer Once you look at the big. picture, you'll see that all indications point to PORCfc. vania 5-Acre Com Club contest Com Silage Club. MO 2> 14> H >2 1«i il 141 Da Kite 124 n« io m mm Compatibility ""J harps resaw IwrhiaJc oplwm open Intam J ()RCV. uv>i’> mtthht i p mth Acuvi t»r Bt <ju»» lIP Pi HaUcUe €®lM mi MIWO Ftifeo Jh RiifKvuthk (Jhou( " o $ PENNSYLVANIA MASTER CORN GROWERS ASSOC., INC. Hedging Grains (Continued from Pago 16) doesn’t seem likely that the same set of adverse conditions, which plagued fanners last year, will occur with the same severity again this year, but they might One can’t be certain about the size of this year’s crop, but in all likelihood it will be larger than 1993’5. The demand side of the equation is much more mystical. Now, we are forced to factor in the effects of NAFTA, the pending GATT Agreement, and this Adminikration’s plans for continuing or discontinuing use of the Export Enhancement Program as well as the more usual analysis of growing conditions and crop production in other parts of the world. A relatively small change in the level of exports, resulting from any of them, can have major impacts on next year’s carryover and on prices for this year’s crop. All of those factors will contribute to the volatility of com, soybean, and wheat prices during the next 18 months. The grower or buyer who can afford to take the risk asso ciated with an adverse price change isn’t under as much pressure to hedge as one who can’t. If a grower can afford an adverse price change and is willing to take the good prices of some years along with the poor prices of others, money can be saved because it does cost to place and remove a hedge. However, grower-sellers who can’t afford to take the risk of receiving prices much lower than the current market’s, or who don’t wish to accept the risk for whatever the reason, can “lock in” a price at a fairly high level now. Those who are optimistic and think prices may go up from current levels but aren’t willing to take all the risk of a price fall should consider hedging using the options market. For example, a seller of July 1994 com can be protected from the adverse effects of a price falling below $2.90/bushel by purchasing a “put option” for about 3V> cents per bushel (prices and premiums on January 13, 1994). That $2.90 price is some 20 cents per bushel lower than the same day’s futures market but it would offer protection from a fairly large price slide and it wouldn’t cost very much. Other commodi ties provide similar possibilities. For this group of commodities, we prob ably are now entering a period of greater price volatility than we have experienced in the last 20 years. Hedging is one possibility growers or buyers should consider using to transfer the risk associated with price vola tility to those who are more able or more willing to accept it. If you would like to explore the possibili ties or gain a better understanding of how futures and options markets work, please contact me or your county extension director.
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