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NENE | The first part of any rally is rewarded with heavy farmer selling and the basis goes south. As more farmers get used to the idea that this market can go higher selling dries up and basis stabilizes or tightens even with the higher board price. About that time the board price collapses and we start over again. The only problem is nobody knows how much of a rally to expect and how long it's going to last. | |
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Basis frustration.
