I have to wonder if the futures market didn't just flat mis-price the corn this summer.

I can understand basis being wide or narrow in certain areas because of logistics and deficit areas. But it seemed like basis was unusually good in just about every area, some a lot better than others.

With positive basis so high over such a wide area, it seems like to me the futures market just made a mistake. Question is, is the mistake carrying on in new crop months? If it is, we may see basis stay stronger than imagined.

Likely? Probably not. But sometimes strange things happen.

John