It's no secret that farmers are holding a lot of old crop corn, waiting for a rally to sell. That's helped firm the basis a lot at a time when it can be sluggish as the end of the crop year approaches.
However, the cash market didn't fall apart on Thursday's futures rally, with basis mixed. That reflected the trend this week in the broader market across the Midwest.
Basis continues to be very strong in the eastern Corn Belt. Not only did cash bids move higher in the latest week, according to the Farm Futures average. But Toledo basis strengthened another nine cents a bushel Thursday, trading at 25 over September futures.
To read Bryce Knorr's complete weekly basis review, click HERE.
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