I was looking at basis data this morning.. couldn't sleep.  The SW Cornbelt is still very decent and doesn't appear covered yet.  Some instances of dollar over basis.. for some of the pork producers in Oklahoma.  I haven't checked any local bids lately.. (sold out) and know that the advertised bid can usually be pushed.. so I would guess.. we can still find some +.50 here and there.. although we may have fallen a little.. still the break in futures should add support..??


http://www.agmanager.info/marketing/basis/maps/archives/2014/July/4/basismaps.asp?image=Basiscorn201428.jpg

It would appear that bids up in Nebraska very quite a bit.. East of Hastings.. appears soft..  probably from the northern influence.. yet West of Hastings appears like Ks to be firm..??  (anyone want to chime in?)

We are starting to see country elevator wheat bids exceed terminal bids..  with the poor crop here.. some elevators took in 30% of last year's harvest.. and guys seem to have sealed bins.. waiting to see what develops.  So I believe this is adding support to the fall crops as elevators will want to fill with something.. We are due to bottom wheat basis and start seeing support.. etc.

From Ray J's and other's comments it would appear that buyers in the heart of the cornbelt are probably going to push the issue this fall to see where the panic point is for most sellers..  It's probably not a bad idea to make plans to pack it away.. I like the temporary storage bag idea but have never tried it..   If prices stay this cheap..??  then I expect producers to sock things away and we could get a good pop in basis post harvest.. An August rally on weather concerns could negate some of this.. (Maize..??) so..

I just saw that Hastings was about -.50 while Oklahoma panhandle was +1.10.. so I would think that for those that have bushels left.. "that would work."  So there's still places to go yet..  but as last year proved.. there's probably some downside to get through.. boy scout motto..