It seems to me that the cash market isn't overly concerned

[kraft-t]

Our coop with a -40 basis on corn for all new crop months.  -65 basis for all new crop months. That does sound like endusers and commercials concerned about 2012 crops. Or are they just expecting the rains to fall before it is too late?

[frankne]

I would think the other way ,with the run up in futures think they would be widening it.

[Mike central IA]

My guess is that with fewer potential bushels they will need to have a larger slice of the pie to make things work for them.

[roarintiger1]

The "just in time" delivery is gonna backfire on a lot of folks this fall.

[GoredHusker]

If I owned an elevator, I'd widen the basis far enough that no one would sell me the corn but keep it narrow enough that they'd deliver it to me.  These prices are going to crush demand, and the elevators know it.  Why would they want to own a commodity that they may very well have to store for several months possibly carrying into the 13' crop year when they can get fools to deliver it to them and pay them to store it for them?  While intererst rates are cheap, the labor an elevator hires is not.  It's a lot better for them to get farmers to pay them storage which in turn more than compensates them for their labor.