By all accounts there's still plenty of old crop corn sitting in bins around the Midwest. But farmers are keeping the doors to that storage locked tight after prices collapsed over the last month, forcing end users to bid up the basis well above average levels in many locations. Weaker barge freight helped boost bids as well.
Indeed, the best gains came in the export pipeline, where basis at the Gulf strengthened 15 cents in the last week, helping push bids along the river system. Cash also strengthened against futures in the interior of the country, too.
To read Bryce Knorr's complete weekly basis review, click HERE.
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