Indicators of where we go from here
basis. And futures.
We have gained 50-60 cents in corn so far. Yet during this move we have also seen improving basis bids. Picked up farm stored (in sw area) started at +30/bu and this week saw +60..
When harvest starts overrunning current demand or when a market move is getting tippy basis commonly backs off first — sure not happening yet——
also our basis bids are being driven by big grain marketers that are not common to the area. Cornbelt folk.
As of 9/24 20, we have 25 MT of corn on the export books, 10 MT for China alone, 2.7 MT out the door already. At, the same point in 2017, we barely had 12 MT on the books, practically none to China, not even a million T out the door.
My guess is, they're trying to fill their orders.