From the floor July 28

[Roadpizza]

I'm no genius but I think you are on to something.  So MN is seeing same thing from what I hear.  Coop is taking basis wider and more keeps coming.  They are worried already that storage will be large headache this fall.  I know of one pile of 08 corn.  Probably in better shape than the stuff being trucked 25 miles to be dried....again.  Savage terminal still seeing much damage and games played by farmers trying to disguise junk corn. 

[timetippingpt]

EXTREMELY well said. Nothing to add except that ultimately the downside will be pretty painful for all.

btw....there are some slight movements in the local end-user community to insulate themselves from the CBT, ie contract prices that pay a cash minimum (assures supply) and a board maximum (assures the loons in Chicago don't bankrupt the user. More of this will come and likely with a venegence. jmho