Centre county Pennsylvania, USA | The chart in my original post is showing the difference between PA price paid for the (calendar) year and month that corn was sold and the price paid for the month of November (PA's harvest month) for that year. That difference is named "storage premium" on that chart.
While it's not basis, that difference in price paid to PA corn farmers supports the argument that current market year is not an analog for 2009/2010 market year. Local cash price and basis for current market year provides additional support for that argument. As shown in attached chart, local cash corn price for current market year (2014/2015) is 43 cents above last October's harvest low and within 1 cent of last November price. Also shown on that chart, current local basis is 12 cents higher than it was during last year's harvest months. To me, that is very strong evidence that 2014/2015 market year is not an analog for 2009/2010 market year here in central PA.
(Local cash corn basis for 2014_2015.png)
Attachments ---------------- Local cash corn basis for 2014_2015.png (139KB - 77 downloads)
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