EXHIBIT 10.11
[logo] MCP
CORN STEEP AGREEMENT
This Agreement is entered into by and between Minnesota Corn Processors,
hereinafter referred to as MCP, and Liquid Corn, Inc., hereinafter referred to
as LC. This Agreement is governed and construed in accordance with the laws of
the State of Minnesota.
Whereas, the parties hereto previously entered into an agreement for the period
from September 28, 1995 through July 31, 2002, and;
Whereas the parties hereto wish to rescind that agreement and enter into a
superseding Agreement which will provide terms, conditions, and clarifications
covering the previous agreement, and;
Whereas the parties hereto wish to formalize their Agreement in writing. It is
therefore, in consideration of the money to be paid and the promises made herein
agreed as follows:
1. PURPOSE: The purpose of this Agreement is for the marketing, at maximum
value, and distribution of all MCP's corn steepwater and corn distillers
solubles, hereinafter referred to as steepwater, which is not applied to
MCP's corn gluten feed products, as produced at its Marshall, Minnesota and
Columbus, Nebraska plants.
2. TERM: The term of this Agreement shall commence on January 1, 1998 and end
on July 31, 2005. Upon commencement of this Agreement, this Agreement shall
supersede all prior agreements between the parties regarding steepwater
marketing. This Agreement will be automatically extended indefinitely
beyond July 31, 2005, provided no notice has been received by LC from MCP
exercising its option to buy out LC as provided in 13 below, and neither
party gives written twelve (12) month termination notice to the other party
as of any date after July 31, 2004.
3. LC REQUIREMENTS: LC agrees to provide the following items as set forth
below:
A. LC agrees to continue providing and maintaining the storage and
loading facilities located on MCP's property at Marshall, Minnesota
and Columbus, Nebraska, and to comply with all federal, state, and
local laws, rules, and regulations including but not limited to
safety, environmental, health and sanitation issues pertaining to
operation of these facilities, and to assume liability with these
issues.
B. LC shall provide for all necessary roads from MCP's improved roads to
the storage site as are required for transportation and access to
fulfill the terms of this Agreement.
C. LC shall provide all employees, equipment, and utilities required to
operate and maintain the storage and loading facilities including lawn
care, weed control, pest control and snow removal to meet plant
sanitation and appearance standards.
D. LC agrees to take possession of all of MCP's steepwater which is not
distributed on gluten feed products or loaded by LC for MCP to sell
for industrial uses including Ice Ban. If LC is unable to take
possession of steepwater, then LC shall reimburse MCP for all costs
associated with moving steepwater from the plant site as well as
required alternative storage costs.
E. LC agrees to account for and collect all accounts receivable for
steepwater it sells and bills, and to pay necessary operating expenses
in the operation of the storage and loading facilities.
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F. LC grants the right to MCP to inspect all of its records concerning
selling prices, freight bills, scale tickets, and inventory pertaining
to the sale of steepwater under this contract.
G. LC agrees to make monthly payments to MCP on or before the 15th of the
month following shipment of steepwater by LC from MCP's plants by
truck or rail.
H. LC shall operate and maintain a state certified truck scale at both
facilities to be used for weighing truckload shipments of steepwater.
I. LC shall provide adequate agitation for each storage tank to properly
mix the steepwater batches and to minimize precipitates and
stratification within the storage tanks.
J. LC will be the exclusive blender for blends of magnesium chloride
solutions and MCP's steepwater shipped as a blend by railcar directly
from MCP's Minnesota and Nebraska plants.
K. LC may use any contractor for on-site repair and construction provided
such contractor shall comply with all MCP Plant Safety, Insurance,
Environmental and Personnel rules and regulations. MCP approval is
required before work is commenced on projects with costs exceeding
$10,000. Such information and approvals are available from the local
MCP Plant Engineer and/or the plant Safety Manager.
4. MCP REQUIREMENTS: MCP shall provide the following:
A. MCP shall continue to provide the current sites at both Marshall,
Minnesota and Columbus, Nebraska to LC for the operation of its
steepwater storage and shipping facilities.
B. MCP shall continue to provide to LC the land leases which extend
through July 31, 2002 or as long as this Agreement may remain in
force, at a rental rate of ten dollars ($ 10) per year, per plant.
These leases were paid through July 31, 2002 on October 19, 1995.
C. MCP shall continue to provide the rail siding at Columbus for an
average of 15 (fifteen) railcars space next to the LC plant. At
Xxxxxxxx, XX shall provide the switch and approximately 1350 feet of
rail siding and MCP shall provide the land needed for this railroad
track. MCP may occasionally use such tracks to unload railcars of corn
while cooperating with normal LC plant operations.
D. MCP shall provide daily rail car switching at Xxxxxxxx and Columbus
for both inbound and outbound freight at no charge to LC as agreed
upon in advance while in cooperation with other MCP activities.
E. MCP shall continue to provide current water, sewage, and drainage
services at levels comparable to current usage as a proportion of
steepwater received from MCP.
F. MCP shall provide to LC a rail weighing service at no charge to LC.
G. MCP's local plant Safety Manager shall provide the local LC plant site
managers with a written list of all plant site rules, regulations, and
personnel policies, and also quarterly updates showing changes on the
first working day of each quarter. The local MCP plant Safety Manager
will assist the LC plant site manager with explanations to assure
compliance with such rules and regulations.
H. MCP agrees to pump and provide necessary means for pumping steepwater
to LC's storage tanks located at the respective plant sites.
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I. MCP shall provide a minimum of seven hundred (700) tons of steepwater
on a daily basis averaged each month, which shall be pumped to LC
storage tanks at the respective sites. This minimum daily shipment
shall be the total of the MCP's Marshall, Minnesota and Columbus,
Nebraska plants production which is not applied to MCP's corn gluten
feed products.
J. MCP will control access to the Columbus plant site as in the past.
Trucks will not be allowed to obstruct traffic on the plant site.
However, MCP shall not delay movement of steepwater trucks without
notifying Xxxx Xxxxxx at phone number 000-000-0000 in LC's Dodge City
office or Xxxx Xxxxx at phone number 000-000-0000.
K. MCP shall pay LC within 15 days from invoice date for expenses
incurred under this Agreement pertaining to railcar usage, blending
and shipping for industrial uses including Ice Ban.
L. MCP will give LC an estimate of the tons of steepwater to be shipped
annually for industrial uses including Ice Ban on the first of October
each year for the coming market year. This annual estimate is to be
used by LC only for planning. The market year is determined to be from
the first of October through the end of September the following year.
MCP will provide LC an estimated monthly tonnage requirement of
steepwater, for industrial uses including, Ice Ban, at least ninety
(90) days before the month the steepwater is to be shipped. MCP will
compensate LC if actual steepwater shipments, for steepwater for
industrial uses including Ice Ban, for a given month differ from this
estimated monthly tonnage requirement by: at least one thousand (1000)
tons; and, by at least twenty percent (20%). For any steepwater
shipments, for industrial uses including Ice Ban, outside the
above-mentioned range, MCP will pay LC an amount equal to what LC is
required to spend to replace said steepwater or for additional market
expenses incurred in marketing of unshipped steepwater. However, in no
case shall such compensation be more than ten dollars ($10.00) per ton
and shall only be for the tonnage not within the above-mentioned
range.
M. If LC desires, MCP will assist LC with plant security at the LC plant
sites on MCP property to prevent theft of materials and products, and
to maintain product integrity and safety as well as safety and
security of others. If LC requests MCP's involvement, then MCP shall
xxxx LC, on a monthly basis, for the costs pro-rated on: the
proportional amount of cost necessary for MCP to provide such security
service, or the appropriate pro-rated services of a commercial
security service, and/or the pro-rated costs of security cameras and
other security devices deemed necessary to provide such service. Or,
LC may choose to provide and pay for the above mentioned security
services on its own.
5. RAILCARS:
A. LC agrees to lease or otherwise provide all necessary rail cars as
needed for the transportation, marketing, and distribution of the
steepwater produced that is not distributed by trucks.
B. In the event MCP sells steepwater needing rail delivery for industrial
uses including Ice Ban, then LC shall provide dedicated railcars for
said use only, at a cost of $350.00 per railcar per month or $15.00
per railcar per day whichever is less, from the time the railcar is
loaded until the railcar returns to the LC plant site and is released
by MCP in writing for use other than Ice Ban. Such railcar lease cost
will be invoiced by LC monthly to MCP.
C. In the event MCP sells steepwater needing railcar delivery for
industrial uses including Ice Ban, then MCP shall use railcars
available for steepwater usage from LC before leasing additional
railcars for said steepwater service.
D. In the event MCP exercises the option to buy out one or both of the LC
storage and loading facilities at either
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Marshall, Minnesota or Columbus, Nebraska then MCP will assume the
leases currently held by LC for the railcars used to transport
steepwater from the specific facility purchased. MCP will work with LC
to ensure LC breaks even financially on railcar leases used to
transport steepwater.
E. LC shall assume all liability for railcars during the term of the
railcar leases. In the event MCP shall assume any of the railcar
leases then MCP shall assume liability of the specific railcars from
the date of lease assignment. Railcars shall be inspected for damage
and liability within thirty (30) days of lease assignment.
6. STEEPWATER SPECIFICATIONS: MCP shall provide steepwater that meets the
following specifications:
A. Steepwater shall have a dry matter of not less than forty-eight
percent (48%).
B. Steepwater shall have an as-is crude protein level of not less than
twelve percent (12%).
C. MCP shall provide fermentation control treatment of steepwater. Such
fermentation control shall be defined as shipping a steepwater product
to LC having a pH of 3.9 or below and two (2) lbs of dry BSS (sodium
metabisulfite) or equivalent liquid BSS on a dry solids basis added to
each ton of steepwater (on a 48% solids basis) unless higher levels
are dictated by foaming problems. MCP will provide antifoam for
addition to railcars and trucks of steepwater when MCP and XX xxxx
necessary to help control foaming problems.
D. It is MCP's intent to minimize insoluble solids in steepwater.
Specifications and testing methodology are not currently defined
however MCP will continue to work on its processes to minimize the
insoluble solids in steepwater to levels deemed acceptable by both MCP
and LC.
E. Steepwater shall be cooled to a temperature of one hundred sixty five
degrees (165(Degree)) Fahrenheit or less prior to pumping to LC's
storage tanks.
7. THROUGHPUT AND MARKETING EXPENSES:
A. LC shall be responsible for marketing all steepwater sold for animal
feed uses and MCP shall market steepwater for industrial uses
including Ice Ban. In the event MCP has opportunity to market
steepwater to some animal feed users, MCP and LC will cooperate to
accomplish such sales when product is available and conditions permit.
B. LC shall receive eight dollars ($8.00) per ton for throughput and
marketing expense for each ton of steepwater sold for animal feed
shipped by truck and ten dollars ($10.00) per ton for throughput and
marketing expense for each ton of steepwater sold for animal feed
shipped by railcar.
C. LC shall receive throughput compensation of six dollars ($6.00) for
each ton of steepwater, either straight or blended with other
products, that LC loads for MCP for industrial uses including Ice Ban.
D. LC shall receive an additional seven dollars ($7.00) for each ton of
blended steepwater and magnesium chloride solution shipped for MCP,
for industrial uses including Ice Ban, from LC's Marshall, Minnesota
and Columbus, Nebraska plant sites.
8. DIVISION OF STEEPWATER MONEY: Steepwater money shall be divided according
to either Item I or Item 2 below.
Note: Many accounts are sold on a delivered basis where costs of
freight and railcar expenses are included in the invoicing. Such
expenses will be deducted from the revenue before the value of the
steepwater is determined for money division.
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ITEM 1: STEEPWATER SOLD FOR ANIMAL FEED
A. For steepwater sold for animal feed, the first eight dollars ($8.00)
per ton of steepwater shipped by truck or ten dollars ($10.00) per ton
of steepwater shipped by railcar shall become the property of and be
retained by LC as per section 7 B above.
B. The next twenty-five dollars ($25.00) per ton of steepwater sold by LC
for animal feed uses shall become the property of and be paid to MCP.
C. Any remaining value for steepwater sold by LC for animal feed uses
shall be divided equally, with fifty percent (50%) retained by LC and
fifty percent (50%) paid to MCP.
By way of example only: if steepwater were sold at the below listed
prices, with example A being for truck shipment and example B for
railcar shipment, then monies would be distributed as follows:
Example A Example B
Steepwater selling price fob MCP plant $41.00/ton $32.00/ton
Less LC throughput expense 8.00/ton 10.00/ton
---------- ----------
Net dollars remaining $33.00/ton $22.00/ton
Less MCP portion of next $25.00/ton 25.00/ton 22.00/ton
---------- ----------
Net dollars for 50/50 split $ 8.00/ton $00.00/ton
LC portion of split 4.00/ton 0.00/ton
MCP portion of split 4.00/ton 0.00/ton
Total LC portion of revenue $12.00/ton $10.00/ton
Total MCP portion of revenue $29.00/ton $22.00/ton
ITEM 2: STEEPWATER SOLD FOR INDUSTRIAL USES INCLUDING ICE BAN
A. For steepwater that MCP sells for industrial uses including Ice Ban,
MCP will collect directly for the total value. LC shall not be
entitled to any remaining value for steepwater sold by MCP for
industrial uses including Ice Ban. LC will invoice MCP monthly for the
throughput expense of six dollars ($6.00) per ton.
B. For steepwater blended with magnesium chloride by LC for MCP, for
industrial uses including Ice Ban, LC shall invoice MCP monthly, an
additional seven dollars ($7.00) per ton for each ton of blended
steepwater and magnesium chloride solution shipped per section 7 D
above. This is in addition to the throughput expense of six dollars
($6.00) per ton for steepwater as mentioned above in section 8 ITEM 2
A. LC shall not be entitled to any additional value for steepwater and
magnesium chloride blends sold by MCP.
By way of example only: if steepwater were sold at the below listed
prices, with example A being for truck shipment and example B for
railcar shipment, then monies would be distributed as follows:
Example A Example B
Steepwater selling price fob MCP plant $41.00/ton $32.00/ton
Less LC throughput expense 6.00/ton 6.00/ton
---------- ----------
Net dollars remaining for MCP $35.00/ton $26.00/ton
Total LC portion of revenue $ 6.00/ton $ 6.00/ton
Total MCP portion of revenue $35.00/ton $26.00/ton
9. PRICE: The objective for both MCP and LC is to maximize long term total
steepwater income. LC and MCP will mutually determine the best pricing
mechanism each year before the end of the prior marketing year. The
marketing year shall be determined to be from October first of the year
through September thirtieth of the following year. Each year the quality of
the product and the current market conditions will determine the pricing.
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All prices shall be FOB the respective MCP plant site. Attached in Appendix
A is the formula for marketing year 1997/1998.
10. PRICE ADJUSTMENTS: Due to the by-product nature of steepwater, quality
discounts will be discouraged by LC and mitigated whenever possible. LC
will represent MCP's product on its recent characteristics and sell it on
an as-is basis knowing there may be some variation from load to load,
especially when inventories are low.
11. PRODUCT LIABILITY:
A. MCP shall be responsible for pumping a steepwater to LC that meets the
quality specifications, as specified in section 6. If MCP steepwater
does not meet specifications, then MCP assumes liability and will be
responsible for costs associated with steepwater not meeting quality
specifications.
B. LC shall operate its facilities to maintain the integrity of the
steepwater received from MCP. If LC does not maintain steepwater
quality, then LC assumes liability and will be responsible for costs
associated with steepwater where integrity has not been maintained.
C. Adulteration or mixing of any other product, such as whey, with the
steepwater absolves MCP from any product liability. MCP shall not be
liable for steepwater loaded into railcars or trucks where the
previous load was a product other than MCP steepwater, unless the
railcars or trucks have been cleaned and inspected at an approved wash
facility. The only exception to adulteration would be the small
amounts of residual magnesium chloride solution that may be left in
railcars, tanks or pipelines as a normal part of LC's operation when
blending magnesium chloride and steepwater for MCP.
D. Warranty: MCP warrants that it has the right to convey good title to
the steepwater delivered hereunder and that said steepwater shall be
delivered free of any lien or encumbrance. MCP further warrants that
the steepwater shall not be adulterated or misbranded within the
meaning of the Federal Food, Drug and Cosmetic Act, nor be a commodity
which may not, under the provisions of Sections 404 and 505 of the
Act, be introduced into interstate commerce. MCP warrants the
steepwater to be of merchantable quality, suitable for use in cattle
feeding operations when used according to normal cattle feeding
industry practices. MCP steepwater should not be fed free-choice, and
should be fed at a rate of less than fifteen percent (15%), as fed, in
a total mixed ration. MCP makes no other warranties, express or
implied, of steepwater fitness or suitability, for any other purpose.
12. PERSONAL PROPERTY SEVERANCE AGREEMENT:
Whereas, LC has installed on MCP's site at Marshall, Minnesota the
improvements and equipment described as follows:
a. Four steel tanks, each 48 feet in diameter and 40 feet in height;
b. Steel building approximately 25 feet by 70 feet with attached
wing 12 feet by 231 feet;
c. Railroad track of approximate length of 1250 feet, and switch;
d. Truck loadout scale;
e. Allied piping and equipment including boiler, pumps, air
compressor, electric motors and electrical equipment.
And whereas, LC has installed on MCP's site at Columbus, Nebraska the
improvements and equipment described as follows:
a. Two 400,000-gallon steel tanks;
b. One 2-million-gallon steel tank;
c. One 200,000-gallon steel tank;
d. Steel building of the approximate size of 40 feet by 60 feet;
e. Truck loadout scale;
f. Allied piping and equipment including pumps, motors, air
compressor, and other electrical
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equipment.
Whereas, it is the desire and intent of the parties that said
improvements and equipment be severed from said realty and remain the
personal property of LC; now, therefore, in consideration of the
mutual benefits of the parties hereto, the parties agree as follows:
A. The improvements and the equipment herein described, and any future
additions, shall be and remain severed from said realty and although
attached to the realty, shall retain its personal character, shall be
treated as personal property with respect to the rights of the
parties, shall not become a fixture or a part of the realty, and shall
remain the property of LC.
B. Upon termination of this Agreement by either party at any time for any
reason, MCP may, at its option, buy out LC pursuant to the terms of
paragraph 13. If MCP does not elect to do so, LC will at its expense,
remove its improvements and equipment from said premises. This section
(12 B) shall not be construed to create any additional right of
termination beyond others listed in this Agreement.
C. This severance agreement shall be binding upon, and enure to the
benefit of the parties hereto and their respective successors and
assigns.
13. BUY-OUT PROVISION:
A. MCP shall have the option to buy out LC's interest in either or both
of LC's facilities and business on MCP's property at any time during
this Agreement. MCP shall provide LC with twelve (12) months written
notice of its intent to purchase. Sale will be subject to MCP paying
LC the total of item 1, plus item 2 as follows:
ITEM 1: The greater of
a. The total remaining value of all LC's assets, for the facility
purchased, on MCP leased property using a ten (10) year
straight-line depreciation schedule from the time of the assets
installation, plus one hundred percent (100%) of any improvement
during the previous six (6) months which cost over twenty
thousand dollars ($20,000).
Or
b. Forty percent (40%) of the original cost of the plant, buildings
and improvements.
ITEM 2: If MCP exercises its option to buy out either or both of LC's
plants at any time before the end of this Agreement, then MCP
shall pay to LC the value of the last eighteen (18) months net
income before income taxes for the facility purchased. The
eighteen months to be used in determining the buy out amount
shall be the six (6) months immediately preceding the date MCP
notifies LC in writing of its intention to buy out LC, and also
the subsequent twelve (12) months starting from the official date
the buy out notice is given in writing by MCP to LC up to the
date of the actual buy out.
B. After July 31, 2005 and if this agreement is not automatically
extended, MCP may purchase LC's personal property and businesses on
MCP's property for only the cost associated with Item 1 above.
14. SETTLEMENT PROVISION: When or if the buy-out provision is exercised,
settlement shall commence the first month after notice has been received as
follows:
A. MCP will provide to LC at time of notice an estimate of the next 12
months steepwater production and also an estimate of the projected
tonnage of steepwater to be sold by MCP for industrial uses including
Ice Ban.
B. LC will provide MCP with a current detailed list of depreciated
property and equipment.
C. LC will provide MCP with a list of projected capital improvements
planned, if any for MCP's approval.
D. LC will give to MCP the estimated buy-out cost and be allowed to
deduct 1/1 5th of that estimated amount
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from each monthly settlement due MCP for the following 11 months.
E. The actual buy-out cost will be determined following the close of the
last month of business before the buy-out date. If after subtracting
the amount deducted in the previous 11 months from the buy-out amount
there is a balance due either party, then that amount will be paid to
the party owed within 15 days of the buy-out date.
15. DISPUTE RESOLUTION: Any controversy or claim arising out of or relating to
this Agreement or breach thereof shall be resolved via the following
dispute resolution procedure.
A. Should either party materially breach a portion of this Agreement,
such other party shall notify the breaching party of such breach. Both
parties shall meet within thirty (30) days to resolve such breach
and/or determine if mutually agreeable progress is being made to
resolve such breach. Such breaching party shall then have sixty (60)
more days after the first thirty (30) days as mentioned above to cure
such breach or show mutually agreeable progress as conditions may
permit.
B. Should either party not be satisfied with the above breach resolution
then such resolution shall be settled by arbitration in accordance
with the rules of the American Arbitration Association. Each party
will bear its own cost and expense of arbitration. Arbitration fees,
if any, shall be shared equally.
16. RIGHT OF FIRST REFUSAL: In the event LC may desire to sell or transfer
ownership of its facilities on MCP's property to any other individual(s) or
corporation(s), MCP shall be offered the first right to purchase said
facilities. If such occurs, LC will notify MCP of the consideration and
terms of proposed sale, and MCP will have thirty (30) days to purchase the
facilities/business for the same consideration and terms. LC may not sell
or transfer ownership of its facilities or businesses on MCP's property to
individual(s), or corporation(s) that are in any way involved in the wet
corn milling industry, or whose parent company may be involved in the wet
corn milling industry. If sold, all LC rights and responsibilities of this
Agreement will pass to the new owner.
17. FORCE MAJEURE: Neither party hereto shall be liable to the other for
failure of nor delay in performance hereof when such failure or delay is
caused by conditions beyond such party's control including, but not limited
to, war, strike, labor dispute, fire, flood, tornado, hurricane, government
intervention, embargo, shortage of raw materials, breakdown,
non-performance of transportation equipment, or any Act of God or other
condition not occasioned by such party's negligence.
18. SEVERABILITY: Any part, term or provision of this Agreement that is held to
be unenforceable, illegal, against public policy or in conflict with any
federal, state or local laws, shall be severable from the rest of the
Agreement. The remaining portions of the Agreement shall not be affected.
The rights and obligations of the parties shall be construed and inferred
as if the Agreement did not contain the particular term, part or provision
held to be invalid, unless the invalid provisions contain the material
financial terms of this Agreement or when considered in the aggregate,
render the administration of this Agreement unreasonably burdensome, in
which case (unless new terms or provisions can be negotiated within three
(3) months of written request for renegotiation by either party) this
Agreement shall be terminated. In the event of termination, the Minimum
Volume requirement of this Agreement will be waived for the then-current
period.
/s/ Xxxx Xxxxx /s/ Xxxx Xxxxxxxxx
------------------------------------ -----------------------------------
LC Signature MCP Signature
V.P. Commodities Manager
------------------------------------ -----------------------------------
Title Title
Date Jan. 7, 1998 Date Jan. 13, 1998
------------------------------- ------------------------------
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APPENDIX A
Steepwater pricing shall be determined by using the Chicago Board Of Trade
(CBOT) daily closings for corn starting the calendar month two (2) months before
the calender quarter is to begin. The CBOT reporting month shall be the month or
months represented during the quarter to be priced. All reported prices for the
month will be averaged to determine the base corn price used for further
calculations. Wholesale or blender prices for steepwater shall be determined to
be five dollars ($5) under the retail or feedlot price. Wholesale prices are
available only to those who blend and/or resell the product. No wholesale price
will be given for railcar volume customers. MCP and LC will discuss the
quarterly price and agree on rounded selling prices close to the calculated
formula price.
Prices shall be as follows:
A. Columbus retail or feedlot price is to be the CBOT base corn price, as
calculated above, multiplied by seventeen (17) to get the ton price in
dollars. Wholesale price will be retail or feedlot price less five
dollars ($5.00) per ton.
X. Xxxxxxxx retail or feedlot price is to be the CBOT base corn price, as
calculated above, multiplied by fifteen (15) to get the ton price in
dollars. Wholesale price will be retail or feedlot price less five
dollars ($5.00) per ton.
C. For large volume rail users or blenders of steepwater selling product
beyond 150 miles of MCP's plants, the price is to be the CBOT base
corn price, as calculated above, multiplied by twelve (12) to get the
ton price in dollars. Price is the same for both plants.
As example, below is a formula for the quarter of January, February,
and March for 1998.
1997 NOV MARCH BASE CBOT AVERAGE COLUMBUS RETAIL COLUMBUS
DATES CBOT CLOSING PRICE CORN CLOSING PRICE CONVERSION NUMBER RETAIL PRICE ROUNDED PRICE
$2.855 17 $48.54 $48.50
NOV 3 $2.950 COLUMBUS
NOV 4 $2.902 WHOLESALE PRICE
NOV 5 $2.882 $43.54 $43.50
NOV 6 $2.924
NOV 7 $2.936 XXXXXXXX RETAIL XXXXXXXX
NOV 10 $2.856 CONVERSION NUMBER RETAIL PRICE ROUNDED PRICE
NOV 11 $2.864 $2.855 15 $42.83 $42.75
NOV 12 $2.842
NOV 13 $2.830 XXXXXXXX
NOV 14 $2.814 WHOLESALE PRICE
NOV 17 $2.864 $37.83 $37.75
NOV 18 $2.860
NOV 19 $2.832 RAILCAR RETAIL RAILCAR
NOV 20 $2.812 CONVERSION NUMBER RETAIL PRICE ROUNDED PRICE
NOV 21 $2.840 $2.855 12 $34.26 $34.20
NOV 24 $2.822
NOV 25 $2.792
NOV 26 $2.824
NOV 28 $2.806
AVERAGES $2.855
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