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Pool corn was corn maintained by MCP and made available for
members to use in order to meet their production and delivery
obligations under the UMAs. A member using pool corn completed a
“pool corn certificate” which required that member to check a box
on the certificate requesting that the obligation be fulfilled
through the pool and to charge the member’s account with an
acquisition fee of 5 cents per bushel or the going charge at that
time for this service. Any check that was sent to petitioners
would have been offset by whatever charge they had incurred for
the pool corn. The pool corn certificates were sent directly to
petitioners, not Fultz Farms. If Fultz Farms fell short of corn
to satisfy petitioners’ obligation to MCP, on some occasions corn
was purchased by Fultz Farms from a local elevator in lieu of
using pool corn.
For 1993, there were no production shortfalls experienced by
Fultz Farms in the required bushels to be produced by
petitioners, and no pool corn was purchased by petitioners. For
both 1994 and 1995, there were shortfalls in the required bushels
petitioners were to produce, and as a result petitioners had to
purchase 89,300 bushels of pool corn in 1994 to supplement the
64,191 bushels actually delivered and 28,800 bushels of pool corn
to supplement the 15,300 bushels actually delivered in 1995.
For all years, processed corn had a higher fair market value
than raw corn.
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Last modified: May 25, 2011