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Milo basis?
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tmrand
Posted 4/8/2021 21:50 (#8940909 - in reply to #8940316)
Subject: RE: Milo basis?



Southeast Colorado
I had 7500 bushel of year old milo I just recently hauled to the elevator about 3 weeks ago. Been watching a couple of locations for any basis changes. Woke up one morning and the elevator I didn't haul to dropped their basis 10 cents................We immediately called in and got it priced before the other elevator caught word. After that it was a free fall. One of the first things I've done right in quite a while. We sold for $6.86 that day with a +$1.15 basis..

I still suspect that the futures may move up and price may ultimately get better anyway.............but hard to make up what is now a 75 cent loss in basis. They are still at +40 cents. The new crop basis has held strong though at +65 cents. That is 40 cents better than corn. Keep in mind that these are elevator prices. End user corn prices are better. Hard to find end user milo prices any more though. Local elevator bought up the rail loaders so there's no advantage hauling anywhere else when China is buying.
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