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Ontario's middle east | It's gotten downright ugly but like I said early this week, not sure it's gonna get a lot worse and not a time to panic IMO. My opinion hasn't really changed from early Dec. I think we just started from harvest with values way to strong given the crop size. We likely should of seen ND values -100 Z trying to stop farmers from dumping it. Instead, cliff shocked farmers wanted to hold it for flat price improvement and basis was inflated. Fast forward to Feb and futures take off to give us the sought after flat prices and basis gets smoked, as there is more grain on offer than the market wants...... Like harvest should have been. Looking at the updated basis map tonight, the most interesting feature is green dots from one end of the big river to the other, amongst a sea of red dots out at the country processors. Hennepin, IL tonight shows the river posted 14 over the e plant at +8. It's been a while since that happened. I saw CIF posted +87, heard rumours of 100, meaning corn could be valued at option back at Savage Mn.for April. If I was still holding corn up there, I would wait for the water to open and see how this plays out. There, now I'll wait to see if Ray gets out his Mole hammer and whacks me.........
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Northern Basis Update
