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SC Iowa | We peaked at +15N for last half July delivery
after the rally on Thursday, we noticed a sizable uptick in farmer selling on the front end of the market...prior to that, they had been selling late August/Sept if we were at $8........and the size of the transactions was a bit surprising.....given our smallish 2010 crop there were some 10 and 20 lots in that mix, whereas we had been buyng a lot of 1-2-3 load contract prior...
then, Friday morning, a grain business we do very little with about 100 miles north called and said "I want to sell 160,000 July corn at your bid"....well, THAT told me we were leading the market too much....(although ADM/CR was at +10N for the same slot, so not that far out in front)
we're back at +5N for late July.....
to be honest, it feels like there is a little more old crop corn around than we thought...especially after this week's action...seems like everyone was going to be there to "help us out when we were going to run out of corn"........but we already made other plans and there isn't much sand needing to be purchased for the hourglass.... | |
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Ray J. corn basis south minn.
