| I missed the earlier discussion on dp on soybeans. One of our local elevators is offering 6 months free storage, another 1 month on wheat. It appears to me the pipeline is running dry and futures aren't responding so instead of bumping basis up to where farmers would sell they are offering free storage which is tempting, especially since there isn't anything pressing to do this time of year. 6 months free storage would get you into the spring/summer weather scare and price rally. Personally I wish farmers would hold on and make the market bid for the grain instead of just giving it to them. Gene Graner, of Heartland Investor Services of Bismarck, ND has been saying that basis will be king in spring. And that we are about 2 weeks away from reality setting into the wheat market. Forecast is dry 2 weeks out. If it's still dry the following 2 would put us near Mar when wheat will begin breaking dormancy in the southern plains with fewer acres, and those acres in about the poorest condition ever. |