Reconsidering Concrete Atlantis: Buffalo Grain Elevators
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Why Millers Prefer to Hedge at the Kcbot and Grain Elevator Operators at the Cbot
Why millers prefer to hedge at the KCBoT and grain elevator operators at the CBoT Sören Prehn1, Jan-Henning Feil2 1 Leibniz Institute of Agricultural Development in Transition Economies (IAMO), Halle, [email protected] 2 Georg August University Goettingen, Goettingen, [email protected] Contribution presented at the XV EAAE Congress, “Towards Sustainable Agri-food Systems: Balancing Between Markets and Society” August 29th – September 1st, 2017 Parma, Italy Copyright 2017 by Sören Prehn and Jan-Henning Feil. All rights reserved. Readers may make verbatim copies of this document for non-commercial purposes by any means, provided that this copyright notice appears on all such copies. Why millers prefer to hedge at the KCBoT and grain elevator operators at the CBoT Abstract In this paper, we analyze why grain elevator operators tend to hedge hard red winter wheat at the CBoT and not at the KCBoT. They do so because they trade not only the basis but also the premium risk. Like the basis, also premiums of hard red winter wheat have a tendency to increase after harvest. Only a short hedge in the lower priced CBoT wheat contract makes it possible to participate in a post-harvest premium increase. For this reason, grain elevator operators favor a loose hedge at the CBoT. Our results underscore the importance of premium risk for hedging decisions. Keywords: Wheat, hedging, millers, grain elevator operators, Kansas City Board of Trade, Chicago Board of Trade 1 Introduction In his seminal paper “Whose Markets? Evidence on Some Aspects of Futures Trading” (Journal of Marketing, Vol. -
Grain Elevators and Processes
9.9.1 Grain Elevators And Processes 9.9.1.1 Process Description1-14 Grain elevators are facilities at which grains are received, stored, and then distributed for direct use, process manufacturing, or export. They can be classified as either "country" or "terminal" elevators, with terminal elevators further categorized as inland or export types. Operations other than storage, such as cleaning, drying, and blending, often are performed at elevators. The principal grains and oilseeds handled include wheat, corn, oats, rice, soybeans, and sorghum. Country elevators are generally smaller elevators that receive grain by truck directly from farms during the harvest season. These elevators sometimes clean or dry grain before it is transported to terminal elevators or processors. Terminal elevators dry, clean, blend, and store grain before shipment to other terminals or processors, or for export. These elevators may receive grain by truck, rail, or barge, and generally have greater grain handling and storage capacities than do country elevators. Export elevators are terminal elevators that load grain primarily onto ships for export. Regardless of whether the elevator is a country or terminal, there are two basic types of elevator design: traditional and modern. Traditional grain elevators are typically designed so the majority of the grain handling equipment (e.g., conveyors, legs, scales, cleaners) are located inside a building or structure, normally referred to as a headhouse. The traditional elevator often employs belt conveyors with a movable tripper to transfer the grain to storage in concrete or steel silos. The belt and tripper combination is located above the silos in an enclosed structure called the gallery or bin deck. -
Grain Facilities in the U.S. Specializing in Originating Grain for Export and Soybean Processing Plants
RESEARCH CIRCULAR 241 SEPTEMBER 1978 Grain Facilities in the U.S. Specializing in Originating Grain for Export and Soybean Processing Plants JOHN W. SHARP OHIO AGRICULTURAL RESEARCH AND DEVELOPMENT CENTER U.S. 250 and Ohio 83 South Wooster, Ohio CONTENTS * * * * Acknowledgments . .. .. • . .. • . • . • . • . .. • . 1 Introduction ................................................................ _. 2 Po rt Fa c i 1it i es in the U.S. • •.•..•..........•......•..•.•..•.....•...•·. • 3 Mississippi River Barge Loading Facilities . • • . • . • • . • • . • . • . • • . • • 6 Missouri River Barge Loading Facilities ........•.•.•......•...•.•.....•..•..••. 12 Ohio River Barge Loading Facilities .....•.•....•...•............•.........•••.. 13 Illinois River Barge Loading Facilities ........................................ 14 Arkansas River Barge Loading Facilities •..••...•..•..•..•.•.....•.•••.•.•..••.• 16 White River Barge Loading Facilities ..•........••••••..••.•...•.•.•..••.•...... 16 Black River Barge Loading Facilities ...•.•...•.••••..•••••....•....•••••...•••. 17 Yazoo River Barge Loading Facilities ..•.•••..•.•.•.•...•..•...•.....•••........ 17 Quachita River Barge Loading Facilities •.•.••..•.•••.•.••••...•••..•.....•.•••. 17 Snake and Columbia Rivers Barge Loading Facilities .•••.••••••.•......••...••.•. 18 Unit Train Facilities in Ohio •...••••.........•••••.•.•••.•....•.........•.••.. 20 Unit Train Facilities in Indiana .•.•.......•..••..•.•••...•..•........•.••.••.. 21 Unit Train Facilities in Kentucky ............................................. -
The Architecture of Grain Elevators
Economic History Theme Study A HISTORY OF GRAIN ELEVATORS IN MANITOBA PART 2: THE ARCHITECTURE OF GRAIN ELEVATORS THE ARCHITECTURE OF GRAIN ELEVATORS The first commercial grain elevator in Western Canada, built along a railway siding, was constructed in 1878 in Niverville, Manitoba. It was an unusual 25,000 bushel round structure constructed to store and ship the surplus grain produced by German- speaking Mennonite settlers who had arrived in Southern Manitoba from Russia a mere four years earlier. This structure, however, was to be the only one of its kind. During the later half of the nineteenth century, in Western Canada, as in the United States, grain was stored in flat warehouses because it was invariably handled and brought to market in bags. Before long, these warehouses were divided into bins into which the sacked grain was dumped after weighing. Such warehouses were typically 8 x 20 x 40 feet, and held approximately 4,000 bushels of grain. Bins were arranged on opposite sides of a central alley which provided access for handcarts on which grain was trundled from wagons, and later, on to boxcars. The system was later improved by constructing raised overhead bins into which grain could be mechanically loaded, and then spouted by gravity into waiting boxcars. Only one such early flat warehouse remains in Manitoba, and is located in Brookdale. Classic prairie grain elevators, of the type which western Canadians are most familiar, were first built during the early 1880s. They generally were built according to standards set by the Canadian Pacific Railway. Such “Standard-plan” elevators offered much greater efficiency in built grain handling and larger storage capacities. -
Dynamic Changes in Rail Shipping Mechanisms for Grain
Agribusiness and Applied Economics Report No. 798 June 2020 Dynamic Changes in Rail Shipping Mechanisms for Grain Dr. William W Wilson Department of Agribusiness & Applied Economics Agricultural Experiment Station North Dakota State University Fargo, ND 58108-6050 ACKNOWLEDGEMENTS NDSU does not discriminate in its programs and activities on the basis of age, color, gender expression/identity, genetic information, marital status, national origin, participation in lawful off-campus activity, physical or mental disability, pregnancy, public assistance status, race, religion, sex, sexual orientation, spousal relationship to current employee, or veteran status, as applicable. Direct inquiries to Vice Provost for Title IX/ADA Coordinator, Old Main 201, NDSU Main Campus, 7901-231-7708, ndsu.eoaa.ndsu.edu. This publication will be made available in alternative formats for people with disabilities upon request, 701-231-7881. NDSU is an equal opportunity institution. Copyright ©2020 by William W. Wilson. All rights reserved. Readers may make verbatim copies of this document for non-commercial purposes by any means, provided this copyright notice appears on all such copies. ABSTRACT Grain shipping involves many sources of risk and uncertainty. In response to these dynamic challenges faced by shippers, railroad carriers offer various types of forward contracting and allocation instruments. An important feature of the U.S. grain marketing system is that there are now a number of pricing and allocation mechanisms used by most rail carriers. These have evolved since the late 1980’s and have had important changes in their features over time. The operations and impact of these mechanisms are not well understood, yet are frequently the subject of public criticism and studies and at the same time are revered by (some) market participants. -
Experiment in Concrete; a Pioneer Venture in Grain Storage
TUBULAR concrete grain elevator built in Minneapolis, 1899 EXPERIMENT in CONCRETE A Pioneer Venture in GRAIN STORAGE RUTH J. HEFFELFINGER UPON LEAVING Minneapohs via Lake though it now seems to have no purpose Street and proceeding along Highway No. other than to advertise the lumber sold near 7 in the direction of Excelsior, one passes a by. Certainly no one would associate it with large white structure on the left just west of the pretentious structure across the bridge, the bridge that spans the Belt Line. It is yet if it had not been for that single tube composed of a triple row of monoliths as of concrete, terminal grain elevators might classically symmetrical in outline as the col be built in a different, and perhaps less eflB umns of a Greek temple, although not as cient, way today. For apparently this was decorative. The Minneapolis structure is a the first tubular grain elevator of sohd con terminal elevator designed for the storage crete in the world. Although it was never of grain, and, like most modern terminal ele put to use, it was built as an experiment to vators, it is built of concrete. On the east side find out if it was practical to store grain in a of the bridge stands a single monolith with concrete bin of this shape. the words "Lumber Stores" running the Early in 1899, Frank H. Peavey and length of the tube. It looks as though it might Charles F. Haglin talked over the possibility once have been the chimney of a factory, of storing grain in bins constructed of mate rial other than wood. -
The Mississippi Kite Grain Elevator Supports Winter
THE MISSISSIPPI KITE 5 GRAIN ELEVATOR SUPPORTS WINTER BARN OWL NEST James L. Key Department of Biological Sciences Mississippi State University Mississippi State, Mississippi 39762 Nesting Barn Owls (Tyto alba) have been documented within the united States for every month of the year (Otteni et al. 1972, Marti 1991). In Mississippi, I have found Barn Owls nesting in the central and eastern portions of the state throughout the year, although they show a peak in egg-laying during January and February. These regions are relatively diverse in habitat, with mixed pine (Pinus spp.) and hardwood stands, pasture, and croplands. Although most Barn Owl nests have been located in areas rich in croplands, there are other prey-supporting habitats available during the periods when fields are bare. In west Mississippi, in the Delta region, available habitat is almost exclusively cropland, and I have found nesting efforts to be much more seasonal. Egg-laying occurs almost exclusively within the December to February period. These are often the harshest months in Mississippi, but these nests usually produce fledglings in March, April, and May, when crops begin to flourish and prey abound. Late fall and winter offer little more than barren fields, and I have found only one Barn Owl nest initiated just prior to that period. This nest was located at "Big River Seed Company," a grain elevator in Cleveland, Bolivar County, Mississippi. The clutch of five eggs was laid in a small room at the top of the complex, above the silos. Egg-laying began in early October 1991, and I saw three fledglings there on several occasions during January 1992. -
Nature's Metropolis
NATURE'S METROPOLIS Chicago and the Great West WILLIAM CRONON + W·W·NORTON & COMPANY New York London F ..5J.l8.� jacket illustration: A bird's-eye view of Chicago in 1857, 5 from a lithograph by Charles Inger after a drawing by 1. T Palmatary. t� Courtesy, The Chicago Historical Society. I � q I (!. 0- Copyright @ 1991 by William Cronon All rights reserved. Printed in the United States of America. The text of this book is composed in Baskerville, with the display set in Radiant Bold. Composition and manufacturing by the Haddon Craftsmen, Inc. Book design and cartography by Jacques Chazaud. Library of Congress Cataloging in Publication Data Cronon, William. Nature's metropolis: Chicago and the Great West/William Cronon. p. cm. Includes bibliographical references and index. I. Chicago (Ill.)-Description-To 1875. 2. Chicago, (Ill.) Description-1 875-1950. 3. Man-Influence on nature-Illinois Chicago-History-19th century. 4. Chicago (111.)-Historical geography. I. Title. F548.4.C85 1991 977.3'l l -dc20 90-40835 ISBN 0-393-02921-2 W.W. Norton & Company, Inc., 500 Fifth Avenue, New York, N.Y. 10110 W.W. Norton & Company, Ltd., 10 Coptic Street, London WCIA IPU 234567890 Contents MAPS AND GRAPHS X'/, PREFACE Xlll PROLOGUE: Cloud over Chicago 5 PART I TO BE THE CENTRAL CITY 1: Dreaming the Metropolis 23 Patterns on a Prairie Landscape 23 Booster Dreams 31 Metropolis and Empire 41 Reading Turner Backwards 46 2: Rails and Water 55 Market in the Mud 55 Artificial Corridors 63 Railroad Time 7 4 The Logic of Capital 81 vm CONTENTS PART II NATURE -
Grain Elevator Guidance Doc-NSPS Subpart DD
Grain Elevators in Kansas New Source Performance Standard (NSPS) Guidance Document What is 40 CFR Part 60 Subpart DD? You also have testing requirements to demonstrate The new source performance standards (NSPS) for you are meeting your emissions standards. Testing grain elevators were established by the U.S. requirements under this standard are located in 40 Environmental Protection Agency on August 3, 1978. CFR 60.303, but also refer to 40 CFR 60.11, These standards are located in the code of federal compliance with standards and maintenance regulations (CFR), Title 40 (environment), part 60, requirements. Specific test methods for Method 2 – subpart DD (written as “40 CFR 60 Subpart DD”). Determination of stack gas velocity and volumetric These regulations define the emission limits for a new flow rate, Method 5 – Determination of particulate source, in this case, grain elevators, and the matter from stationary sources, and Method 9 – Visual requirements to maintain compliance with the determination of the opacity of emissions from standard. stationary sources, are located in Appendix A of 40 CFR 60. Does the NSPS standard for grain elevators apply to my facility? Now that I have done the tests, what do I do with The standards of performance for grain elevators (40 the information to prove my facility is in CFR Subpart DD) apply to each affected facility (i.e., compliance? each truck unloading station, truck loading station, Notification and recordkeeping requirements are listed barge and ship unloading station, barge and ship in 40 CFR 60.7. The Kansas Department of Health loading station, railcar unloading station, railcar and Environment (KDHE), Bureau of Air (BOA), has loading station, grain dryer, and all grain handling the authority to conduct inspections at permitted operations) at any grain terminal elevator or any grain facilities. -
Grain and Soybean Industry Dynamics and Rail Service
Grain and Soybean Industry Dynamics and Rail Service Analytical Models of Rail Service Operations Final Report Michael Hyland, Hani Mahmassani, Lama Bou Mjahed, and Breton Johnson Northwestern University Transportation Center (NUTC) Parr Rosson Texas A&M University 1 Executive Summary To remain globally competitive, the United States’ grain industry and associated transportation services underwent significant restructuring over the past fifteen years. New technologies, helped by weather changes, led to sustained yield volume increases in the Upper Midwest. To move larger volumes faster and at lower cost, the railroad industry introduced shuttle train service. Traveling as a unit to the same destination, shuttle trains save considerable time in transit and potential delay, bypassing intermediate classification yards. Grain shippers concurrently began consolidating and storing grain in larger, more efficient terminal elevators (shuttle loaders) instead of country elevators. This report examines the effectiveness of shuttle train service and the terminal elevators supporting the shuttle train system, under different demand levels, through the formulation of simple mathematical models. In order to compare shuttle and conventional rail service, this paper introduces three distinct models. The first model, referred to as the ‘time model’, determines the time it takes to transport grain from the farm to a destination (e.g. an export elevator). The second model, referred to as the ‘engineering cost model’, determines the aggregate variable costs of transporting grain from the farm to an export elevator. The third model, referred to as the ‘capacity model’, determines the maximum attainable capacity (i.e. throughput) of a rail network as a function of demand for rail transport and the percentage of railcars on the network being moved via shuttle service and conventional service. -
A History of the Otis Elevator Company
www.PDHcenter.com www.PDHonline.org Going Up! Table of Contents Slide/s Part Description Going Down! 1N/ATitle 2 N/A Table of Contents 3~182 1 LkiLooking BkBack 183~394 2 Reach for the Sky A History 395~608 3 Elevatoring of the 609~732 4 Escalating 733~790 5 Law of Gravity Otis Elevator Company 791~931 6 A Fair to Remember 932~1,100 7 Through the Years 1 2 Part 1 The Art of the Elevator Looking Back 3 4 “The history of the Otis Elevator Company is the history of the development of the Elisha Graves Otis was born in 1811 on a farm in Halifax, VT. elevator art. Since 1852, when Elisha Graves As a young man, he tried his hand at several careers – all Otis invented and demonstrated the first elevator ‘safety’ - a device to prevent an with limited success. In 1852, his luck changed when his elevator from falling if the hoisting rope employer; Bedstead Manufacturing Company, asked him to broke - the name Otis has been associated design a freight elevator. Determined to overcome a fatal with virtually every important development hazard in lift design (unsolved since its earliest days), Otis contributing to the usefulness and safety of invented a safety brake that would suspend the platform elevators…” RE: excerpt from 87 Years of Vertical Trans- safely within the shaft if a lifting rope broke suddenly. Thus portation with Otis Elevators (1940) was the world’s first “Safety Elevator” born. Left: Elisha Graves. Otis 5 6 © J.M. Syken 1 www.PDHcenter.com www.PDHonline.org “…new and excellent platform elevator, by Mr. -
Lee Gray, from Ascending Rooms to Express Elevators: a History of The
From Ascending Rooms to Express Elevators: A History of the Passenger Elevator in the 19th Century by Lee E. Gray Published by Elevator World, Inc. P.O. Box 6507 Mobile, AL 36660 U.S. Copyright ©2002 by ELEVATOR WORLD. All rights reserved. No part of this publication may be reproduced without prior written permission of the publisher. From Ascending Rooms to Express Elevators: A History of the Passenger Elevator in the 19th Century is available from Elevator World, Inc., Educational Division, P.O. Box 6507, Mobile, AL 36660; phone: (251) 479-4514, fax: (251) 479-7043, e-mail: [email protected] or web- site: http://www.elevator-world.com. Printed in the U.S. by Edwards Brothers ISBN 1-886536-46-5 ii History of the Passenger Elevator Acknowledgements I would like to acknowledge the following individuals who helped make this book possible: Howard Newlon, who taught a graduate seminar in architec- tural history at the University of Virginia in spring 1982, in which I wrote the research paper that began my obsession with this topic; Richard Guy Wilson and Craig Zabel, who, along with Howard, endured the writing of my Masters’ Thesis on the passenger elevator in the 19th century; Mary Woods, Mark Jarzombek and Chris Otto, who guided my dissertation on the early skyscraper; Dennis Barrow, former archivist for the Otis Elevator Co.; Michele Aldrich, cur- rent archivist for Otis Elevator Co., who provided valuable assistance during my visit to the archives; Otis Elevator Co. for allowing me access to their archives; George R. Strakosch,