{"text_format":"1","workbook":"xlsx","n_sheets":6,"sheets":["Instructions","Start Here","Basis Weak Futures Up","Basis Strong Futures Up","Basis Strong Futures Down","Basis Weak Futures Down"],"not_rendered":{"charts":0,"images":15,"macros":1,"external_links":0,"defined_names":6,"comments":0,"pivot_tables":0},"unopened":[],"bounds":{"document_bytes":16777216,"sheet_cells":100000,"rows_first":2000,"rows_last":500,"rows_between":2000,"halvings":0,"cell_chars":16384,"cell_head_chars":4096},"cells_cut":0,"cells_raw":0,"read":"whole","date_system":"1900"}

{"sheet":"Instructions","index":0,"n_rows":70,"n_cols":15,"rows_kept":70,"cut":false,"hidden":false,"merged":[[31,13,31,14],[2,13,3,14],[8,13,8,14],[9,13,9,14],[10,13,10,14],[13,13,14,14],[22,13,24,14],[18,13,20,14],[26,13,28,14]]}
[]
[]
[null,"Quadrant 1",null,null,null,null,null,null,null,null,null,"Quadrant 2",null,"MSU Grain Marketing Evaluation Tool"]
[]
[]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Prepared by: Jon LaPorte, Farm Business Management Educator"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Suite 116, 120 N. Broadway, Cassopolis, MI 49031"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Phone: (269) 445-4356          Email: laportej@msu.edu"]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"The Grain Marketing Evaluation Tool is designed to help illustration considerations of pricing tool options in comparison to market trends based on futures and basis price movements."]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Concepts based on:","MSU Extension Bulletin E-3416: Introduction to Grain Marketing"]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"\"What If\" Scenario-Use: To evaluate price scenarios in \"what if\" situations for your farm, your future price expectations are an important factor. Identifying those expectations may be challenging, as the future is unknown. However, your price expectations are important to evaluate how different pricing tools will perform under different price scenarios. "]
[]
[null,"Quadrant 4",null,null,null,null,null,null,null,null,null,"Quadrant 3"]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Macro-Enabled \"Reset All\" Feature: Each tab of the evaluation tool is equipped with a \"reset all\" button that works using macros. Clicking the button will clear example data and allow for input of current information. This is a convenience option as example data can also be erased or overwritten manually."]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Start Here (Tab): Baseline information can be entered to help identify which Quadrant (tab) to start from. This is not a required section, but design to aid first time marketers. Note: Each evaluation tab has a \"Reset to Start Here Values\" button to reset or start over with baseline assumptions entered in this tab. "]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Navigating Evaluation Tabs:"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"After \"Start Here,\" the evaluation tool is divided into four tabs based on market trends in futures and base prices:"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Quadrant 1 - Basis Weak, Futures Up:","Basis is widening or getting weaker while Futures prices are increasing."]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Quadrant 2 - Basis Strong, Futures Up:","Basis is narrowing or getting stronger while Futures prices are increasing."]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Quadrant 3 - Basis Strong, Futures Down:","Basis is narrowing or getting stronger while Futures prices are decreasing."]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Quadrant 4 - Basis Weak, Futures Down:","Basis is widening or getting weaker while Futures prices are decreasing."]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Information needed to use each tab of evaluation tool:"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Current (Baseline) Information:","Can be input on \"Start Here\" tab or manually on each evaluation tab"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Crop:","Identify the specific crop being evaluated"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Date of Plan: ","Enter date of market evaluation "]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Store from:","Beginning date of storage for any stored grain"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Store until:","Date of delivery for any stored grain"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Storage cost per month (on farm):","Your farm's cost per bushel of storing and maintaing grain"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Storage cost per month (commercial):","Local commercial storage rate per bushel"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Annual Interest Rate:","Opportunity cost of either your farm's operating loan interest rate, if loan balance could be repaid with grain sale, or interest rate of potential alternative investment opportunity with proceeds from grain sales (used for both storage and initial margin for futures contracts)"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Harvest (or Nearby) Futures:","Futures price based on date of storage (or closest contract date)"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Harvest (or Nearby) Cash Price:","Cash price based on date of storage (or closest contract date)"]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Future (Baseline) Outlook:","Can be input on \"Start Here\" tab or manually on each evaluation tab"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Forward Contract Price:","Forward contract priced offered by local elevator at anticipated delivery month"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Futures Price (at delivery):","Futures prices based on anticipated delivery month"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Basis (at delivery):","Difference between Futures and cash prices at anticipated delivery month"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Expected Cash Price (at delivery):","Cash price based on anticipated delivery month"]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Minimum Price:","Input manually depending on evaluation tab selected"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Contract Call (Strike) Price:","Set by local grain elevator or by you (depending on elevator preference)"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Call Premium:","Set by local grain elevator for use of a minimum price contract"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Fees/Brokerage Cost (Minimum Price):","Set by local grain elevator for use of a minimum price contract"]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Minimum Price w/ Hedge-To-Arrive:","Input manually depending on evaluation tab selected"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Minimum Price:","Set by local grain elevator (often following Call Options)"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Maximum Price:","Set by local grain elevator (often following Put Options)"]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Options & Fees:","Input manually depending on evaluation tab selected"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Futures Strike Price:","Set by you when working with futures broker to establish contract"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Call Option Premium:","Set by futures exchange"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Initial Margin on Futures Contract:","Set by futures exchange"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Fees/Brokerage Cost (Futures Cont.):","Set by broker of futures contract"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Fees/Brokerage Cost (Options):","Set by broker of futures contract"]

{"sheet":"Start Here","index":1,"n_rows":26,"n_cols":23,"rows_kept":26,"cut":false,"hidden":false,"merged":[[2,6,2,7],[1,2,1,4],[3,0,3,1],[25,2,27,4]]}
[]
[null,null,"Marketing Plan Data Entry"]
[null,null,"Crop ","Corn",null,null,"Which Quadrant (Tab) Should I Look At?",null,null,null,null,"Quadrant 1",null,null,null,null,null,null,null,null,null,null,"Quadrant 2"]
["Days in Marketing Plan",null,"Date of Plan","12/01/2023"]
[{"$f":"IFERROR(D8-D7,0)","v":182},"Days",null,null,null,null,"Basis","(at delivery compared to harvest/nearby)","=",{"$f":"IF(D21<D16,\"Weak\",Strong)","v":"Weak"}]
[{"$f":"A5/(365/12)","v":5.9835616438356158},"Months","Plan Information:"]
[null,null,"Store from:","2023-12-01"]
[null,null,"Store until:","2024-05-31",null,null,"Futures","(at delivery compared to harvest/nearby)","=",{"$f":"IF(D14>D20,\"Down\",\"Up\")","v":"Up"}]
[null,null,"Storage cost per month (on farm)",0.01]
[null,null,"Storage cost per month (commercial)",0.04]
[null,null,"Annual Interest Rate",7.0000000000000007E-2,null,null,"Answer:",{"$f":"CONCATENATE(G5,J5,G8,J8)","v":"BasisWeakFuturesUp"}]
[null,null,null,"Note: Loan or investment opportunity"]
[null,null,"Current Information:"]
[null,null,"Harvest (or Nearby) Futures",5.2,{"$f":"D7","v":"2023-12-01"}]
[null,null,"Harvest (or Nearby) Cash Price",5.3]
[null,null,"Harvest (or Nearby) Basis",{"$f":"D15-D14","v":9.9999999999999645E-2}]
[]
[null,null,"Future Outlook:"]
[null,null,"Forward Contract Price",5.3,{"$f":"E20","v":"2024-05-31"}]
[null,null,"Futures Price (at delivery)",6,{"$f":"D8","v":"2024-05-31"}]
[null,null,"Basis (at delivery)",{"$f":"D22-D20","v":-9.9999999999999645E-2},"(=D22-D20)",null,null,null,null,null,null,"Quadrant 4",null,null,null,null,null,null,null,null,null,null,"Quadrant 3"]
[null,null,"Expected Cash Price (at delivery)",5.9]
[null,null,"(adjusts with Futures & basis prices or enter your own value)"]
[]
[]
[null,null,"Instructions: Baseline information can be entered to help identify which Quadrant (tab) to start from. This is not a required section, but design to aid first time marketers. "]

{"sheet":"Basis Weak Futures Up","index":2,"n_rows":37,"n_cols":15,"rows_kept":37,"cut":false,"hidden":false,"merged":[[3,0,3,1],[12,8,12,9],[1,11,1,12],[22,14,32,18],[12,11,12,12],[1,2,1,4],[1,8,1,9],[23,8,23,9]]}
[]
[null,null,"Marketing Plan Data Entry",null,null,null,"Pricing Tool Options",null,"1. Basis Contract",null,null,"4. Forward Contract, Buy Call"]
[null,null,"Crop ",{"$f":"'Start Here'!D3","v":"Corn"},null,null,"1. Basis Contract",null,"Futures Price (at delivery)",{"$f":"D20","v":6},null,"Forward Contract Price",{"$f":"D19","v":5.3}]
["Days in Marketing Plan",null,"Date of Plan",{"$f":"'Start Here'!D4","v":"12/01/2023"},null,null,"2. Sell Cash, Buy Futures",null,"Harvest (or Nearby) Basis",{"$f":"D16","v":-0.20000000000000018},null,"Less Storage",{"$f":"ROUND(($D$11*$A$6/12*$D$15)+($D$9*$A$6),3)*-1","v":-0.23400000000000001}]
[{"$f":"IFERROR(D8-D7,0)","v":182},"Days",null,null,null,null,"3. Sell, Cash, Buy Call",null,"Less Storage",{"$f":"ROUND(($D$11*$A$6/12*$D$15)+($D$9*$A$6),3)*-1","v":-0.23400000000000001}]
[{"$f":"A5/(365/12)","v":5.9835616438356158},"Months","Plan Information:",null,null,null,"4. Forward Contract, Buy Call",null,null,null,null,"Buy Call Option:"]
[null,null,"Store from:",{"$f":"'Start Here'!D7","v":"2023-12-01"},null,null,"5. Minimum Price Contract",null,null,null,null,"Call Option Value (Fut. Del - Fut. Strike)",{"$f":"MAX(0,D20-D31)","v":0.79999999999999982}]
[null,null,"Store until:",{"$f":"'Start Here'!D8","v":"2024-05-31"},null,null,null,null,null,null,null,"Call Option Premium ",{"$f":"D32*-1","v":-0.6}]
[null,null,"Storage cost per month (on farm)",{"$f":"'Start Here'!D9","v":0.01},null,null,null,null,null,null,null,"Less Fees/Brokerage Cost",{"$f":"D35*-1","v":-0.03}]
[null,null,"Storage cost per month (commercial)",{"$f":"'Start Here'!D10","v":0.04}]
[null,null,"Annual Interest Rate",{"$f":"'Start Here'!D11","v":7.0000000000000007E-2},null,null,null,null,"Net Cash",{"$f":"J3+J4+J5","v":5.5659999999999998},null,"Net Cash",{"$f":"M3+M4+M7+M8+M9","v":5.2359999999999998}]
[null,null,null,"Note: Loan or investment opportunity"]
[null,null,"Current Information:",null,null,null,null,null,"2. Sell Cash, Buy Futures",null,null,"5. Minimum Price Contract"]
[null,null,"Harvest (or Nearby) Futures",{"$f":"'Start Here'!D14","v":5.2},{"$f":"D7","v":"2023-12-01"},null,null,null,"Harvest (or Nearby) Cash Price",{"$f":"D15","v":5},null,"Forward Contract Price",{"$f":"D19","v":5.3}]
[null,null,"Harvest (or Nearby) Cash Price",5,null,null,null,null,"Harvest (or Nearby) Futures",{"$f":"D14*-1","v":-5.2},null,"Less Storage",{"$f":"ROUND(($D$11*$A$6/12*$D$15)+($D$9*$A$6),3)*-1","v":-0.23400000000000001}]
[null,null,"Harvest (or Nearby) Basis",{"$f":"D15-D14","v":-0.20000000000000018},null,null,null,null,"Futures Price (at delivery)",{"$f":"D20","v":6},null,"Call Premium",{"$f":"D27*-1","v":-0.6}]
[null,null,null,null,null,null,null,null,"Net Futures",{"$f":"J16+J15","v":0.79999999999999982},null,"Less Fees/Brokerage Cost",{"$f":"D28*-1","v":-0.05}]
[null,null,"Future Outlook:",null,null,null,null,null,null,null,null,"Minimum Price Floor",{"$f":"M14+M15+M16+M17","v":4.4160000000000004}]
[null,null,"Forward Contract Price",{"$f":"'Start Here'!D19","v":5.3},{"$f":"E20","v":"2024-05-31"},null,null,null,"Less Fees/Brokerage Cost",{"$f":"D34*-1","v":-0.02},null,"Contract Call (Strike) Price",{"$f":"D26","v":5.2}]
[null,null,"Futures Price (at delivery)",{"$f":"'Start Here'!D20","v":6},{"$f":"D8","v":"2024-05-31"},null,null,null,"Less Initial Margin on Fut. & Interest",{"$f":"(((D33*D11)/365*A5)+D33)*-1","v":-0.21732986301369861},null,"Futures Price (at delivery)",{"$f":"D20","v":6}]
[null,null,"Basis (at delivery)",{"$f":"D22-D20","v":-0.29999999999999982},"(=D22-D20)",null,null,null,null,null,null,"Gain on Call (Strike Price - Futures Delivery)",{"$f":"MAX(0,M20-M19)","v":0.79999999999999982}]
[null,null,"Expected Cash Price (at delivery)",5.7,null,null,null,null,"Net Cash",{"$f":"J14+J17+J19+J20","v":5.5626701369863021}]
[null,null,"(adjusts with Futures & basis prices or enter your own value)",null,null,null,null,null,null,null,null,"Net Cash",{"$f":"M18+M21","v":5.2160000000000002},null,"Considerations: When basis is expected to weaken and futures prices to go up, cash prices are also expected to rise. In this scenario, you want to lock in the favorable basis now, but hold off on locking in the futures prices. A number of pricing decision tools can help you to achieve this goal. In many cases, you can use a combination of tools. Especially if those tools secure an opportunity to capture additional value in case basis weakens or futures prices begin to decrease."]
[null,null,null,null,null,null,null,null,"3. Sell Grain, Buy Call Option",null,null,"Note: Gain only seen when Futures is higher than strike price"]
[null,null,"Minimum Price:",null,null,null,null,null,"Harvest (or Nearby) Cash Price",{"$f":"D15","v":5}]
[null,null,"Contract Call (Strike) Price",5.2]
[null,null,"Call Premium",{"$f":"D32","v":0.6},"(=D32)",null,null,null,"Buy Call Option:"]
[null,null,"Fees/Brokerage Cost (Minimum Price)",0.05,null,null,null,null,"Call Option Value (Fut. Del - Fut. Strike)",{"$f":"MAX(0,D20-D31)","v":0.79999999999999982}]
[null,null,null,null,null,null,null,null,"Call Option Premium ",{"$f":"D32*-1","v":-0.6}]
[null,null,"Options & Fees:",null,null,null,null,null,"Less Fees/Brokerage Cost",{"$f":"D35*-1","v":-0.03}]
[null,null,"Futures (Call) Strike Price",5.2,{"$f":"E20","v":"2024-05-31"}]
[null,null,"Call Option Premium",0.6]
[null,null,"Initial Margin on Futures Contract",0.21,null,null,null,null,"Net Cash",{"$f":"J25+J28+J29+J30","v":5.17}]
[null,null,"Fees/Brokerage Cost (Futures Cont.)",0.02]
[null,null,"Fees/Brokerage Cost (Options)",0.03]
[]
[null,null,"Note: All dollar values are per bushel."]

{"sheet":"Basis Strong Futures Up","index":3,"n_rows":35,"n_cols":16,"rows_kept":35,"cut":false,"hidden":false,"merged":[[1,2,1,4],[1,8,1,9],[1,11,1,12],[12,11,12,12],[12,8,12,9],[21,15,29,19],[3,0,3,1],[21,8,22,9],[21,11,24,12],[25,11,27,12]]}
[]
[null,null,"Marketing Plan Data Entry",null,null,null,"Pricing Tool Options",null,"1. Store Grain Only",null,null,"3. Store Grain, Buy Put Option"]
[null,null,"Crop ",{"$f":"'Start Here'!D3","v":"Corn"},null,null,"1. Store Grain",null,"Expected Delivery Price",{"$f":"D22","v":5.65},null,"Expected Delivery Price",{"$f":"D22","v":5.65}]
["Days in Marketing Plan",null,"Date of Plan",{"$f":"'Start Here'!D4","v":"12/01/2023"},null,null,"2. Delayed Pricing",null,"Less Storage",{"$f":"ROUND(($D$11*$A$6/12*$D$15)+($D$9*$A$6),3)*-1","v":-0.23400000000000001},null,"Less Storage",{"$f":"ROUND(($D$11*$A$6/12*$D$15)+($D$9*$A$6),3)*-1","v":-0.23400000000000001}]
[{"$f":"IFERROR(D8-D7,0)","v":182},"Days",null,null,null,null,"3. Store Grain, Buy Put"]
[{"$f":"A5/(365/12)","v":5.9835616438356158},"Months","Plan Information:",null,null,null,"4. Minimum Price Hedge-to-Arrive",null,null,null,null,"Put Option Value (Fut. Strike - Fut. Del)",{"$f":"MAX(0,D31-D20)","v":0}]
[null,null,"Store from:",{"$f":"'Start Here'!D7","v":"2023-12-01"},null,null,null,null,null,null,null,"Put Option Premium",{"$f":"D32*-1","v":-0.2}]
[null,null,"Store until (or Delay Price until):",{"$f":"'Start Here'!D8","v":"2024-05-31"},null,null,null,null,null,null,null,"Less Fees/Brokerage Cost",{"$f":"D33*-1","v":-0.02}]
[null,null,"Storage cost per month (on farm)",{"$f":"'Start Here'!D9","v":0.01},null,null,null,null,null,null,null,"Net Options",{"$f":"M6+M7+M8","v":-0.22}]
[null,null,"Storage cost per month (commercial)",{"$f":"'Start Here'!D10","v":0.04}]
[null,null,"Annual Interest Rate",{"$f":"'Start Here'!D11","v":7.0000000000000007E-2},null,null,null,null,"Net Cash",{"$f":"J3+J4","v":5.4160000000000004},null,"Net Cash (Del. Price + Storage + Net Opt.)",{"$f":"M9+M3+M4","v":5.1960000000000006}]
[null,null,null,"Note: Loan or investment opportunity"]
[null,null,"Current Information:",null,null,null,null,null,"2. Delayed Pricing",null,null,"4. Min Price w/ Hedge-To-Arrive (Min/Max)"]
[null,null,"Harvest (or Nearby) Futures",{"$f":"'Start Here'!D14","v":5.2},{"$f":"D7","v":"2023-12-01"},null,null,null,"Expected Delivery Price",{"$f":"D22","v":5.65},null,"Futures Price (at delivery)",{"$f":"D20","v":5.8}]
[null,null,"Harvest (or Nearby) Cash Price",5,null,null,null,null,"Commercial Storage",{"$f":"ROUND(($D$11*$A$6/12*$J$3)+($D$10*$A$6),3)*-1","v":-0.437},null,"Minimum Price",{"$f":"D26","v":5}]
[null,null,"Harvest (or Nearby) Basis",{"$f":"D15-D14","v":-0.20000000000000018},null,null,null,null,null,null,null,"Maximum Price",{"$f":"D27","v":5.6}]
[null,null,null,null,null,null,null,null,null,null,null,"Net of Min/Max ",{"$f":"IF(M14<M15,M15,IF(M14>M16,M16,M14))","v":5.6}]
[null,null,"Future Outlook:"]
[null,null,"Forward Contract Price",{"$f":"'Start Here'!D19","v":5.3},{"$f":"D8","v":"2024-05-31"},null,null,null,null,null,null,"Less Fees/Brokerage Cost",{"$f":"D28","v":0.2}]
[null,null,"Futures Price (at delivery)",5.8,{"$f":"D8","v":"2024-05-31"},null,null,null,null,null,null,"Less Expected Basis (at delivery)",{"$f":"D21","v":-0.14999999999999947}]
[null,null,"Basis (at delivery)",{"$f":"D22-D20","v":-0.14999999999999947},"(=D22-D20)",null,null,null,"Net Cash",{"$f":"J14+J15","v":5.2130000000000001},null,"Net Cash",{"$f":"M17-M19+M20","v":5.25}]
[null,null,"Expected Cash Price (at delivery)",5.65,null,null,null,null,"Note: Grain has been delivered, risk transferred to grain elevator",null,null,"Note: Local grain elevators may  vary in their use of Min/Max or Minimum Price/HTA Combos. Differences may include calculation of prices, use of Put Options, or limit gains to upward price movements only.",null,null,null,"Considerations: When basis is expected to strengthen and the futures prices to go up, cash prices are also expected to rise. In this situation, you do not want to lock in either the basis or the futures prices. Instead, use pricing tools that provide the potential to capture the best possible cash price for your grain. Consider risk tradeoffs between storing on-farm versus at commercial grain elevators."]
[null,null,"(adjusts with Futures & basis prices or enter your own value)"]
[]
[null,null,"Minimum Price:"]
[null,null,"Minimum (Strike) Price",5,null,null,null,null,null,null,null,"For example, some contracts will shift Min/Max into simple Hedge-To-Arrive (HTA) after a specified period and for an additional premium. "]
[null,null,"Maximum (Strike) Price",5.6]
[null,null,"Fees/Brokerage Cost (Min Price & HTA)",0.2]
[]
[null,null,"Options & Fees:"]
[null,null,"Futures (Put) Strike Price",5.5,{"$f":"E20","v":"2024-05-31"}]
[null,null,"Put Option Premium",0.2]
[null,null,"Fees/Brokerage Cost (Options)",0.02]
[]
[null,null,"Note: All dollar values are per bushel."]

{"sheet":"Basis Strong Futures Down","index":4,"n_rows":37,"n_cols":15,"rows_kept":37,"cut":false,"hidden":false,"merged":[[3,0,3,1],[12,8,12,9],[12,11,12,12],[21,14,32,18],[1,2,1,4],[1,8,1,9],[1,11,1,12],[25,11,27,12],[21,11,24,12]]}
[]
[null,null,"Marketing Plan Data Entry",null,null,null,"Pricing Tool Options",null,"1. Hedge (Store Grain, Sell Futures)",null,null,"3. Store Grain, Buy Put Option"]
[null,null,"Crop ",{"$f":"'Start Here'!D3","v":"Corn"},null,null,"1. Hedge (Store Grain, Sell Futures)",null,"Expected Delivery Price",{"$f":"D22","v":4.5999999999999996},null,"Put Option Value (Fut. Strike - Fut. Del)",{"$f":"MAX(0,D32-D20)","v":1.0999999999999996}]
["Days in Marketing Plan",null,"Date of Plan",{"$f":"'Start Here'!D4","v":"12/01/2023"},null,null,"2. Hedge-to-Arrive (HTA)",null,"Less Storage",{"$f":"ROUND(($D$11*$A$6/12*$D$15)+($D$9*$A$6),3)*-1","v":-0.245},null,"Put Option Premium",{"$f":"D33*-1","v":-0.4}]
[{"$f":"IFERROR(D8-D7,0)","v":182},"Days",null,null,null,null,"3. Store Grain, Buy Put",null,"Harvest (or Nearby) Futures",{"$f":"D14","v":5.2},null,"Less Fees/Brokerage Cost",{"$f":"D35*-1","v":-0.02}]
[{"$f":"A5/(365/12)","v":5.9835616438356158},"Months","Plan Information:",null,null,null,"4. Minimum Price Hedge-to-Arrive",null,"Futures Price (at delivery)",{"$f":"D20*-1","v":-4.4000000000000004},null,"Net Options",{"$f":"M3+M4+M5","v":0.6799999999999996}]
[null,null,"Store from:",{"$f":"'Start Here'!D7","v":"2023-12-01"},null,null,null,null,"Net Futures",{"$f":"J5+J6","v":0.79999999999999982}]
[null,null,"Store until (or Delay Price until):",{"$f":"'Start Here'!D8","v":"2024-05-31"},null,null,null,null,null,null,null,"Expected Delivery Price",{"$f":"D22","v":4.5999999999999996}]
[null,null,"Storage cost per month (on farm)",{"$f":"'Start Here'!D9","v":0.01},null,null,null,null,"Less Fees/Brokerage Cost",{"$f":"D35*-1","v":-0.02},null,"Less Storage",{"$f":"ROUND(($D$11*$A$6/12*$D$15)+($D$9*$A$6),3)*-1","v":-0.245}]
[null,null,"Storage cost per month (commercial)",{"$f":"'Start Here'!D10","v":0.04},null,null,null,null,"Less Initial Margin on Fut. & Interest",{"$f":"(((D34*D11)/365*A5)+D34)*-1","v":-0.21732986301369861}]
[null,null,"Annual Interest Rate",{"$f":"'Start Here'!D11","v":7.0000000000000007E-2},null,null,null,null,"Net Cash",{"$f":"J3+J4+J7+J9+J10","v":4.9176701369863007},null,"Net Cash (Net Opt. + Del. Price + Storage)",{"$f":"M6+M8+M9","v":5.0349999999999993}]
[null,null,null,"Note: Loan or investment opportunity"]
[null,null,"Current Information:",null,null,null,null,null,"2. Hedge-To-Arrive (HTA)",null,null,"4. Min Price w/ Hedge-To-Arrive (Min/Max)"]
[null,null,"Harvest (or Nearby) Futures",{"$f":"'Start Here'!D14","v":5.2},{"$f":"D7","v":"2023-12-01"},null,null,null,"Nearby or Harvest Futures Price",{"$f":"D14","v":5.2},null,"Futures Price (at delivery)",{"$f":"D20","v":4.4000000000000004}]
[null,null,"Harvest (or Nearby) Cash Price",{"$f":"'Start Here'!D15","v":5.3},null,null,null,null,"Expected Basis at Delivery",{"$f":"D21","v":0.19999999999999929},null,"Minimum Price",{"$f":"D26","v":5}]
[null,null,"Harvest (or Nearby) Basis",{"$f":"D15-D14","v":9.9999999999999645E-2},null,null,null,null,"Net Hedge-to-Arrive Price",{"$f":"J14+J15","v":5.3999999999999995},null,"Maximum Price",{"$f":"D27","v":5.6}]
[null,null,null,null,null,null,null,null,null,null,null,"Net of Min/Max ",{"$f":"IF(M14<M15,M15,IF(M14>M16,M16,M14))","v":5}]
[null,null,"Future Outlook:",null,null,null,null,null,"Less Storage",{"$f":"ROUND(($D$11*$A$6/12*$D$15)+($D$9*$A$6),3)*-1","v":-0.245}]
[null,null,"Forward Contract Price",{"$f":"'Start Here'!D19","v":5.3},{"$f":"D8","v":"2024-05-31"},null,null,null,"Less Fees/Brokerage Cost",{"$f":"D29*-1","v":-0.03},null,"Less Fees/Brokerage Cost",{"$f":"D28","v":0.2}]
[null,null,"Futures Price (at delivery)",4.4000000000000004,{"$f":"D8","v":"2024-05-31"},null,null,null,null,null,null,"Less Expected Basis (at delivery)",{"$f":"D21","v":0.19999999999999929}]
[null,null,"Basis (at delivery)",{"$f":"D22-D20","v":0.19999999999999929},"(=D22-D20)",null,null,null,"Net Cash",{"$f":"J16+J18+J19","v":5.1249999999999991},null,"Net Cash",{"$f":"M17-M19+M20","v":4.9999999999999991}]
[null,null,"Expected Cash Price (at delivery)",4.5999999999999996,null,null,null,null,null,null,null,"Note: Local grain elevators may  vary in their use of Min/Max or Minimum Price/HTA Combos. Differences may include calculation of prices, use of Put Options, or limit gains to upward price movements only.",null,null,"Considerations: When basis is expected to strengthen and the futures prices to go down, expect the cash price to trend downward. In this scenario, you only want to lock in the futures price now. The basis should be left to lock in later, because the expectation is that it will be better later on. With this change in expectations, the pricing decision tools you want to use also change compared to other scenarios. Consider pricing tools that secure positive futures, but provide an opportunity to capture additional value in case basis weakens. "]
[null,null,"(adjusts with Futures & basis prices or enter your own value)"]
[]
[null,null,"Minimum Price & Hedge-to-Arrive (HTA):"]
[null,null,"Minimum (Strike) Price",5,null,null,null,null,null,null,null,"For example, some contracts will shift Min/Max into simple Hedge-To-Arrive (HTA) after a specified period and for an additional premium. "]
[null,null,"Maximum (Strike) Price",5.6]
[null,null,"Fees/Brokerage Cost (Min Price & HTA)",0.2]
[null,null,"Fees/Brokerage Cost (HTA Only)",0.03]
[]
[null,null,"Options & Fees:"]
[null,null,"Futures (Put) Strike Price",5.5,{"$f":"E20","v":"2024-05-31"}]
[null,null,"Put Option Premium",0.4]
[null,null,"Initial Margin on Futures Contract",0.21]
[null,null,"Fees/Brokerage Cost (Futures Cont.)",0.02]
[]
[null,null,"Note: All dollar values are per bushel."]

{"sheet":"Basis Weak Futures Down","index":5,"n_rows":35,"n_cols":15,"rows_kept":35,"cut":false,"hidden":false,"merged":[[3,0,3,1],[12,8,12,9],[12,11,12,12],[21,14,29,18],[23,8,23,9],[1,2,1,4],[1,8,1,9],[1,11,1,12]]}
[]
[null,null,"Marketing Plan Data Entry",null,null,null,"Pricing Tool Options",null,"1. Sell Cash",null,null,"4. Forward Contract, Buy Call Option"]
[null,null,"Crop ",{"$f":"'Start Here'!D3","v":"Corn"},null,null,"1. Sell Cash",null,"Harvest (or Nearby) Cash Price",{"$f":"D15","v":5.3},null,"Forward Contract Price",{"$f":"D19","v":4.75}]
["Days in Marketing Plan",null,"Date of Plan",{"$f":"'Start Here'!D4","v":"12/01/2023"},null,null,"2. Forward Contract",null,null,null,null,"Less Storage",{"$f":"ROUND(($D$11*$A$6/12*$D$15)+($D$9*$A$6),3)*-1","v":-0.245}]
[{"$f":"IFERROR(D8-D7,0)","v":182},"Days",null,null,null,null,"3. Sell, Cash, Buy Call"]
[{"$f":"A5/(365/12)","v":5.9835616438356158},"Months","Plan Information:",null,null,null,"4. Forward Contract, Buy Call",null,null,null,null,"Buy Call Option:"]
[null,null,"Store from:",{"$f":"'Start Here'!D7","v":"2023-12-01"},null,null,"5. Minimum Price Contract",null,null,null,null,"Call Option Value (Fut. Del - Fut. Strike)",{"$f":"MAX(0,D20-D31)","v":0}]
[null,null,"Store until:",{"$f":"'Start Here'!D8","v":"2024-05-31"},null,null,null,null,null,null,null,"Call Option Premium ",{"$f":"D32*-1","v":-0.1}]
[null,null,"Storage cost per month (on farm)",0.01,null,null,null,null,null,null,null,"Less Fees/Brokerage Cost",{"$f":"D33*-1","v":-0.02}]
[null,null,"Storage cost per month (commercial)",{"$f":"'Start Here'!D10","v":0.04}]
[null,null,"Annual Interest Rate",7.0000000000000007E-2,null,null,null,null,"Net Cash",{"$f":"J3","v":5.3},null,"Net Cash",{"$f":"M3+M4+M7+M8+M9","v":4.3850000000000007}]
[null,null,null,"Note: Loan or investment opportunity"]
[null,null,"Current Information:",null,null,null,null,null,"2. Forward Contract",null,null,"5. Minimum Price Contract"]
[null,null,"Harvest (or Nearby) Futures",{"$f":"'Start Here'!D14","v":5.2},{"$f":"D7","v":"2023-12-01"},null,null,null,"Forward Contract Price",{"$f":"D19","v":4.75},null,"Forward Contract Price",{"$f":"D19","v":4.75}]
[null,null,"Harvest (or Nearby) Cash Price",{"$f":"'Start Here'!D15","v":5.3},null,null,null,null,"Less Storage",{"$f":"ROUND(($D$11*$A$6/12*$D$15)+($D$9*$A$6),3)*-1","v":-0.245},null,"Less Storage",{"$f":"ROUND(($D$11*$A$6/12*$D$15)+($D$9*$A$6),3)*-1","v":-0.245}]
[null,null,"Harvest (or Nearby) Basis",{"$f":"D15-D14","v":9.9999999999999645E-2},null,null,null,null,null,null,null,"Call Premium",{"$f":"D27*-1","v":-0.1}]
[null,null,null,null,null,null,null,null,null,null,null,"Less Fees/Brokerage Cost",{"$f":"D28*-1","v":-0.05}]
[null,null,"Future Outlook:",null,null,null,null,null,null,null,null,"Minimum Price Floor",{"$f":"M14+M15+M16+M17","v":4.3550000000000004}]
[null,null,"Forward Contract Price",4.75,{"$f":"E20","v":"2024-05-31"}]
[null,null,"Futures Price (at delivery)",5.0999999999999996,{"$f":"D8","v":"2024-05-31"},null,null,null,null,null,null,"Contract Call (Strike) Price",{"$f":"D26","v":5.2}]
[null,null,"Basis (at delivery)",{"$f":"D22-D20","v":-0.59999999999999964},"(=D22-D20)",null,null,null,null,null,null,"Futures Price (at delivery)",{"$f":"D20","v":5.0999999999999996}]
[null,null,"Expected Cash Price (at delivery)",4.5,null,null,null,null,"Net Cash",{"$f":"J14+J15","v":4.5049999999999999},null,"Gain on Call (Strike Price - Futures Delivery)",{"$f":"MAX(0,M21-M20)","v":0},null,"Considerations: When basis is expected to weaken and the futures prices to go down, expect the cash price to trend downward as well. This trend indicates you want to lock in both the basis and the futures price now. However, you may also want to secure an opportunity to capture additional value in case basis strengthens or futures prices begin to increase. You can take a number of actions, using a variety of pricing decision tools. "]
[null,null,"(adjusts with Futures & basis prices or enter your own value)"]
[null,null,null,null,null,null,null,null,"3. Sell Grain, Buy Call Option",null,null,"Net Cash",{"$f":"M18+M22","v":4.3550000000000004}]
[null,null,"Minimum Price:",null,null,null,null,null,"Harvest (or Nearby) Cash Price",{"$f":"D15","v":5.3},null,"Note: Gain only seen when Futures is higher than strike price"]
[null,null,"Contract Call (Strike) Price",{"$f":"D31","v":5.2}]
[null,null,"Call Premium",{"$f":"D32","v":0.1},"(=D32)",null,null,null,"Buy Call Option:"]
[null,null,"Fees/Brokerage Cost (Minimum Price)",0.05,null,null,null,null,"Call Option Value (Fut. Del - Fut. Strike)",{"$f":"MAX(0,D20-D31)","v":0}]
[null,null,null,null,null,null,null,null,"Call Option Premium ",{"$f":"D32*-1","v":-0.1}]
[null,null,"Options & Fees:",null,null,null,null,null,"Less Fees/Brokerage Cost",{"$f":"D33*-1","v":-0.02}]
[null,null,"Futures (Call) Strike Price",5.2,{"$f":"E20","v":"2024-05-31"}]
[null,null,"Call Option Premium",0.1]
[null,null,"Fees/Brokerage Cost (Options)",0.02,null,null,null,null,"Net Cash",{"$f":"J25+J28+J29+J30","v":5.1800000000000006}]
[]
[null,null,"Note: All dollar values are per bushel."]