Auction dates and the grain specifications will be posted on the website as soon as they are available.
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There is NO fee for putting bushels on our auctions platform, which allows you to try it risk-free. The only fees that occur are when a trade successfully takes place on the day of the auction. The transaction cost is .05/bu for Non-GMO and .10/bu for organic. If no trades occur on the day of the auction, you are free to take those bushels and market them elsewhere at no cost.
Once we have all the necessary info, we will get to work contacting our network of buyers and sellers to make sure we find enough participants to make it a successful auction.
When a reasonable amount of participants are lined up, we work with you to determine what date to hold the auction, and what reserve price you want to use. Keep in mind that if you want to use live trading platform, you will have to commit to being at your computer during the auction to accept the bids/offers that are coming through in real time. Auctions are typically held from 9am-12pm CST. If you are unable to go the live auction route, we have an alternative that we can walk you through that involves zero time commitment on the day of the auction.
Once the auction is completed we introduce the winning parties to each other and you are allowed to communicate directly about any changes you would like to make to the shipment terms. If both parties agree that the product can be delivered we will add on a freight cost to the final price.
5 days before the first pickup date, the buyer notifies us of their intention to pick up the product and moves the funds into an escrow account where it is held by Mercaris. Once delivery starts and the buyer confirms that the seller’s product matches the specs, Mercaris transfers the money from escrow directly into the seller’s bank account. Our payment system is secure and guarantees that you will be paid right away, as opposed to waiting 30+ days for your money.