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I didn't get involved and glad I didn't

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28 replies to this topic

#1
bbqit

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http://talk.newagtal...177&mid=4022472

Yet I know a lot of folks who just lost a large portion of their crop. Even some of my cousins.
Du-te la dracu 'LSU

#2
Rebel WITH a cause

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That really sucks! Hope the court throws out their bankruptcy.

#3
1dawgfan09

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View Postbbqit, on 20 August 2014 - 02:21 PM, said:

http://talk.newagtal...177&mid=4022472

Yet I know a lot of folks who just lost a large portion of their crop. Even some of my cousins.

Can the farmers sue and get anything at all. I mean, a contract has to be honored or restitution made, huh?
I'm certain the national media is relieved. They can kiss State's ass and go back to the old "Ole Miss is Waycist" narrative. Meanwhile I hope Gameday has fun in Morgantown. Look out for burning couches!

#4
SECorBust

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IDK that much about how it works.  My wife once worked for a place dealt with cotton commodities somehow.  It was hard for me to understand how and why anyone would farm that way.  It really seemed complicated for such an organic process.

Posted Image


#5
Haymaker

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I can't imagine that within their role that they aren't required to have a surety bond, fidelity bond, or that there isn't a rregulatory agency recovery fund of some sort or federally underwritten I.insurance available to alleviate most of the financial burdens involved

Edited by Haymaker, 20 August 2014 - 03:30 PM.


#6
rwspear

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cousins and fraternity brothers are out hundreds of thousands of dollars.

hundreds of thousands.

#7
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I've never understood how this business works. Anyone mind explaining? And what is going wrong here?
When it's 3rd and 10, we shuffle out our secret weapon... he's the only person we ever want calling the next play... some call him the twelfth man.... we call him the whiskey drinker...

#8
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View PostBooger, on 20 August 2014 - 04:20 PM, said:

I've never understood how this business works. Anyone mind explaining? And what is going wrong here?

What they are doing is bypassing the market. The chicken companies make an offer the middle man (grain elevator) handles signing up farmers. Corn is shipped, sent to say Tyson, then Tyson pays for what has been shipped and farmer gets his check. Some states require bonding some don't. Usually the farmer is getting a dollar over the market doing this. What I read interesting was last time something like this happened a federal judge required the farmers to continue shipments saying the chicken folks had rights to the corn. They would have to hold a gun on me to make me ship another load. I know at least ten farms that won't get paid. One has shipped $900,000 worth of corn and the lowest I have heard is $150,000.
Du-te la dracu 'LSU

#9
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View Postbbqit, on 20 August 2014 - 04:35 PM, said:



What they are doing is bypassing the market. The chicken companies make an offer the middle man (grain elevator) handles signing up farmers. Corn is shipped, sent to say Tyson, then Tyson pays for what has been shipped and farmer gets his check. Some states require bonding some don't. Usually the farmer is getting a dollar over the market doing this. What I read interesting was last time something like this happened a federal judge required the farmers to continue shipments saying the chicken folks had rights to the corn. They would have to hold a gun on me to make me ship another load. I know at least ten farms that won't get paid. One has shipped $900,000 worth of corn and the lowest I have heard is $150,000.

So the money that Tyson paid to the middleman is now gone or spent before the farmers have been paid?

When it's 3rd and 10, we shuffle out our secret weapon... he's the only person we ever want calling the next play... some call him the twelfth man.... we call him the whiskey drinker...

#10
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View PostBooger, on 20 August 2014 - 04:45 PM, said:



So the money that Tyson paid to the middleman is now gone or spent before the farmers have been paid?

Not sure where the money is yet. I'm suspicious cause the company waited till two weeks into harvest to file. But yes it appears the farmers won't get paid and may have to continue shipping so to honor contract. It's a freakin mess.
Du-te la dracu 'LSU

#11
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How in the Posted Image does the farmer have to honor a contract in which the other party failed to honor their end of the deal?

Edited by Booger, 20 August 2014 - 04:55 PM.

When it's 3rd and 10, we shuffle out our secret weapon... he's the only person we ever want calling the next play... some call him the twelfth man.... we call him the whiskey drinker...

#12
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View PostBooger, on 20 August 2014 - 04:54 PM, said:

How in the Posted Image does the farmer have to honor a contract in which the other party failed to honor their end of the deal?

I'm with you on that but last time this happened the fed judge ruled the chicken company didn't break contract and still was due shipment.
Du-te la dracu 'LSU

#13
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View Postbbqit, on 20 August 2014 - 04:58 PM, said:



I'm with you on that but last time this happened the fed judge ruled the chicken company didn't break contract and still was due shipment.

Holy hell.

Does Tyson pay up front before the season or do they pay as each new shipments come in?
When it's 3rd and 10, we shuffle out our secret weapon... he's the only person we ever want calling the next play... some call him the twelfth man.... we call him the whiskey drinker...

#14
GoldenRebel

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View PostBooger, on 20 August 2014 - 05:06 PM, said:



Holy hell.

Does Tyson pay up front before the season or do they pay as each new shipments come in?

I worked in the poultry industry and sent a lot of money for corn. We paid after receipt. Depending in the contract it was either based on weight delivered or destination. It just depended. We paid the distributor not the farmer. If it was a large contract we'd pay an advance for cash flow purposes. It's nothing for a feed mill to go through $3-5 million a week in corn alone.

Edited by GoldenRebel, 20 August 2014 - 05:14 PM.


#15
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The distributor and poultry company enter an agreement to deliver so many loads. Either by truck or rail car. After agreement they ship. After receipt the payment is made. I have no clue how the actual farmer is paid but I'm confident that it's after delivery and payment by the end user






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