New Vision Co-op Grain Harvest Policies
We request 24 hours from the last load received or from check request before grain check is issued.
LOCATIONAL INFORMATION
Mankato - Corn Only - no higher than 16.5% moisture
Adrian - Beans Only
Beaver Creek - Beans Only
(Effective September 1, 2023)
ALL PROGRAMS AND POLICIES ARE SUBJECT TO CHANGE WITHOUT NOTICE
No early delivery of grain contracts for November or later will be accepted. Early deliveries of contracted grain will be priced out on the day of delivery and the original contract will remain in place.
Grain Application at the scale: Our new grain software requires that the disposition of the grain is entered correctly, at the Scale, when the grain is delivered. All drivers delivering grain will need to know the following information: Grain owner(s), Grain Share Splits, Grain disposition (Cash, Warehouse Storage, Feed Bank, Delayed Price Agreement).
Deferred Payment Contracts will be available for both corn and soybeans. Grain committed to deferred payment cannot be changed. Verbal deferred payment instructions are also irrevocable.
Grain will be priced based on its actual delivery point on the date of sale.
As of October 1, 2023, corn cost plus fee is .15 per bushel for corn bought for feed through New Vision feed mills. The fee for corn booked for grain bank for periods beyond the nearby month is .20 per bushel if corn is available for booking.
The outcharge for corn from New Vision Coop locations not being processed through New Vision’s feed mills will be .30 per bushel.
FEED BANK PROGRAM
Corn deliveries for Feed Bank are limited to Worthington, Windom, Mankato, Magnolia and New Vision shuttle loading locations at Brewster, Hills, Heron Lake, Mountain Lake and Miloma. The first 60 days of feed bank stored grain will be free. If feed bank grain is stored beyond 60 days, storage charges will be invoiced at $.055 per bushel per month based on the month end balance. Off grade corn containing high Damage and high Foreign Material cannot be deposited into Feed Bank account. Feed bank grain not processed for feed will be subject to regular storage charges and a $.25 per bushel penalty.
ON FARM PICK-UP
On Farm pick-up will be available on corn and soybeans on a first come-first served basis with priority given to New Vision satellite locations. Contact any New Vision office for additional information.
STORAGE
No minimum charge! The storage rate will be $.065 per bushel per month with charges calculated on a daily basis. Limited storage space will be available for corn and soybeans on a first come-first served basis. Storage space will depend on pre-harvest inventory, car supply, crop size, and soybean purchases during harvest. All grain that is sold out of Storage, DPA, or Warehouse Receipts will be sold on the spot cash market ONLY. Stored grain cannot be applied to Forward Contracts.
FREE DELAYED PRICE PROGRAM
- Both Corn and Soybeans
- No Service Fee
- Delivery beginning December 4, 2023
- Final Delivery by August 31, 2024
- Delivery to any New Vision Cooperative Location depending on availability of space.
- CCC farm stored grain must be paid off before grain can be applied to Delayed Price Contract.
- Delayed Price Contracts must be priced at New Vision Cooperative’s delivery location spot price.
- Allowable moisture for corn on Free DPA will be 15%. Corn over 15% moisture will be shrunk to 15% moisture according to New Vision Coop’s moisture discount schedule.
- Allowable moisture for soybeans on Free DPA will be 13% Soybeans over 13% moisture will be shrunk to 13% moisture according to New Vision’s moisture discount schedule
- Bushels must be priced By September 13, 2024. Bushels unpriced by September 13, 2024 will be automatically priced at noon on Monday September 16, 2024
2023 Crop DPA Cash Advance Program
New Vision Coop will offer a DPA contract with a cash advance for 2023 crop corn and soybeans for a limited number of bushels. These terms are applicable to both corn and soybeans committed to this contract:
- Title Transfer & Loan Eligibility. Title transfers to New Vision Coop upon delivery. DPA contracted grain is not eligible for CCC loans or LDP programs.
- Delivery Conversion Options. Corn or beans that originally delivered to New Vision elevators on Open Store or DPA may be converted to the DPA Cash Advance Program. Accrued service fees and drying charges are due prior to issuing an advance if bushels are converted to the DPA Cash Advance Program.
- Cash Advance. Cash advance can be taken at any time prior to February 1, 2024.
- Market Risk. If Cash Price declines to within .15/bushel of the advance price the DP contract will be automatically priced, and settlement made to the producer. In the event the final cash settlement amount is less than the advance price plus accrued fees, the producer will be responsible for payment of the difference between the cash advance and the final settlement dollars. The invoice shall be due upon receipt.
- Price by October 11th, 2024 or will be priced automatically and without notice on October 14th, 2024.
- No minimum service fee applies.
- All terms are subject to change at any time. Quantities for this program are limited.
Additional terms and conditions:
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- Corn -Corn will be shrunk to 14.0% moisture. Drying charges will be paid prior to receiving an advance. Advance rate will be $ 3.50 per bushel. Service charges will be 7.0 cents per bushel per month charged on a daily basis with no maximum.charge.
- Beans - Beans will be shrunk to 13.0% moisture. Advance rate will be $ 9.50 per bushel. Service charges will be 10.0 cents per bushel per month charged on a daily basis with no maximum charge.
2023 Extended Price Grain Contract
New Vision Coop will offer an Extended Price Grain Contract for 2023 crop corn and soybeans for a limited number of bushels. These terms are applicable to both corn and soybeans committed to this contract:
- Title Transfer & Loan Eligibility. Title transfers to New Vision Coop upon delivery. Extended Price contracted grain is not eligible for CCC loans or LDP programs.
- Delivery Conversion Options. Corn or beans that were originally delivered to New Vision elevators on Open Store or DPA may be converted to an Extended Price Grain Contract. Accrued service fees and drying charges are due prior to issuing an advance if bushels are converted to an Extended Price Grain Contract. Original shrink and drying charges and accrued service fees will not be adjusted.
- Cash Advance. Cash advance can be taken at any time prior to the Final pricing of Extended Price Grain Contract.
- Market Risk. If CBOT declines to within .15/bushel of the open equity the Extended Price contract will be automatically priced, and settlement made to the producer. In the event the final cash settlement amount is less than the advance price plus accrued fees, the producer will be responsible for payment of the difference between the cash advance and the final settlement dollars. The invoice shall be due upon receipt.
- Extended Price Grain Contracts must be priced prior to the Friday before first notice day of the CBOT futures month assigned to the Extended Price Grain Contract. Extended Price Grain Contracts will not be allowed to roll. All Extended Price Grain Contracts must be priced by August 18th, 2024.
- All terms are subject to change at any time. Quantities for this program are limited.
Additional terms and conditions:
- Corn - Corn will be shrunk to 15.0% moisture. Drying charges will be paid prior to receiving an advance. Advance rate will be 3.50/bushel.
- Beans - Beans will be shrunk to 13.0% moisture. Advance rate will be 9.50/bushel.
Grain Grade and Moisture Standards
CORN. 2023 crop, Test Weight, Damage, and Foreign Material will be averaged by delivery period. New Vision corn bids are based on #2 yellow corn grade factors and settled at market discounts on the date of sale. Loads above 4.0% Foreign Material and 10.0% Damage will be settled individually and not be included in grade averages.
Harvest Moisture Discounts: 1.4% shrink and a drying charge of .05 per bushel for each point of moisture removed. Loads up to 16.0% moisture will be averaged for Cash and Contracts only, provided the overall average is 15% moisture or less.
Cash and Contract corn will be shrunk to 15.0%
Storage, Feed Bank and Delayed Price Agreement Contracts will be shrunk to 14.0%
SOYBEANS. 2023 crop, Test Weight and Damage will be averaged by delivery period. New Vision soybean bids are based on #1 Yellow Soybean grade factors and settled at market discounts on the date of sale.
Bushels will be deducted from any load with Foreign Material over 1.0%
Harvest Moisture Discounts: 1.0% shrink for each 0.5% of moisture over 13.0% to 15.0%, 1.5% shrink for each .5% over 15.0%. Soybeans over 17.0% moisture may be rejected. Loads with moisture 14.0% and below will be averaged by delivery period. Soybeans will be shrunk to 13.0%, Cash, Storage, and DPA.
WORTHINGTON, WINDOM, MANKATO AND MAGNOLIA FEED CORN DELIVERIES
Since this corn must be of top quality to satisfy the requirements for the rations of our feed customers, corn not suitable for feed processing will be discounted $.04 per bushel to offset the transfer expense to one of our rail loading locations.
Grain Donation Policy
If you want to donate grain to a church, FFA, school, other charitable organization, employee etc. please deliver the grain in their name at the time of delivery.
If grain is delivered in your name and you later would like to donate there are two options:
- Grain applied to any disposition will stay in the producer’s name and the check will be made payable to the person or organization specified.
- This grain will reflect on the producer’s proof of yield and as income on their 1099’s.
- Please keep a copy of the settlement to provide to your tax professional.
- Grain applied to Open Storage can be transferred to the person or organization specified. Only open storage can be transferred as the producer still has ownership of that grain. Grain applied to delayed price, contract or cash cannot be transferred.
- The storage charges will be charged to the producer prior to the transfer.
- You are transferring ownership and therefore the donating producer cannot price the grain. The grain will be transferred from Open Storage to Open Storage and the new owner will begin storage charges on the day the ownership is transferred.