Illinois’ 2014 Bumper Harvest

We talk with Jeff Adkisson of the Illinois Grain and Feed Association, about the great harvest farmers are realizing in 2014 and the role of grain elevators in buying and selling grains. The grain elevators act somewhat like banks for farmers, where they can dry their crop for storage, and then sell it off as they need to raise money. Farmers can pay to keep the crop stored in grain bins, if they think the current price of corn and soybeans is too low. Or, they can write contracts to sell the grain in the future at a higher price, should they think the price will increase in the months ahead. The average grain elevator in Illinois handles around $35 million in transactions a year and play a vital role in the grain industry.