Posted 7/10/2019 07:31 (#7606523 - in reply to #7606439) Subject: RE: Who has an abnormally good basis?
Don't take this the wrong way, because I'm talking about someone I don't know and I'm not trying at all to be mean or disrespectful to him. I trust the USDA, whose job is to figure out how much corn we have, more than an elevator manager who has a lot of contacts. For them to be 40% high would be insane. There will be logistical issues with where it is but that's not what they report.
Ever have an issue when you were a kid where your buddy or brother did something and you got punished for it unfairly by your parent or teacher? Whether it was right or wrong, the result was factual and you weren't going to change their mind. That's how USDA works. They could be wrong, make a bad judgement, but once it's in writing it's correct because they say it is, especially in stocks.