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SC Iowa | yes, I found one of those farmers last week who did not want more income.....he wouldn't sell his last 100,000 of old crop corn at +120Z...I suspect I might get a chance to buy it in a year, or two, or three....
yes, it has been a difficult year to buy corn.....a lot of that having to do with fact corn had been to $8 in previous years, supply was very tight this summer, and farmers expected corn to be worth $8 again mid to late summer of '13....but we made it through and frankly I am surprised at how much old crop corn is still coming to market in early September....
yes, I expect strong basis levels in November and December this year with the low level of new crop marketings.....
the only question is whether we end up buying it all from the commercial elevators, or will the farmer recognize the opportunity
a board rally would be an unexpected treat to help the origination cause...
the analog year of 1996/1997 would say the farmer does not sell post harvest basis rallies.....basis was -40U in August of 1997 as they dumped inventory ahead of a good 1998 corn crop.... | |
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Ugliest of Them All
