Topic: Re: OT.Anyone recall the 20%+ Wall St drop 25 years ago
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I remember it very well. It was a sunny day here but they where calling for heavy rains the next day. I had forty fat hogs ready for market that day. They where at 42-45 cents per pound and they wanted 230-250 pound fats. A very good neighbor came by the Saturday before. He had 50 acres of soybeans for me to cut. He was worried about the ground getting too wet after the rains. So he told me if I would come and run his beans on Monday Oct 19,1987 he would help me haul my fat hogs the next Monday. ( Monday was the only day the yards took fat hogs where I sold at that time)
So I did that for him. All day long on the radio the markets where falling like a rock. He was hauling his beans two ways. We had a semi that I was loading while he pulled loaded wagons to town. The semi delivered to Davenport. We we call the morning of Oct 19 the beans where fifty cents higher in Davenport than they where locally. So it would pay the 25 cents hauling and put some money in his pocket. We only could get the one semi. So he needed to haul 1000-1500 bushels to the local elevator.
The local beans where priced right as he dumped them. The beans that went to Davenport where priced at the close. Those beans brought less money at the close than the ones locally because the bean markets went limit down. So he lost money on the shipped beans.
I really got hammered. The hog market dropped like a rock. The fat price went down to 30-33 cents a pound. Plus they moved the target weight down too. They only wanted 220-230 pound hogs. Guess what mine weighed??? About 240 lbs. average. I got docked for them being over weight. Net after all the fees was 23 cents a pound.
So 40 x 240 x the twenty cents they would have brought = $1920 Or basically $50 per head less than they would have brought if we had hauled them the morning of Oct 19,1987. So Heck yes I remember that day.
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