Producers continue to hold on tight to remaining old crop corn inventory, trying to coax more out of the market as the days wind down on the July futures contract. Some elevators have already moved bids to September, and producers holding basis contracts or hedge-to-arrives likely will be forced to make a decision over the weekend.
While corn basis was stronger across the Midwest, the best bids are still in the eastern Midwest, where farmers encountered the worst of the spring planting delays. Bids along the Illinois River, focus for deliveries next week, moved above option price, with only 18 contracts registered. While the supply of barges dropped again this week, freight moved lower because there are still plenty of barges around for tows, thanks to limited movement of remaining supplies.
To read Bryce Knorr's complete weekly basis review, click HERE.
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