Tidbits, Basis, ENSO Weather, Export Inspections, Markets & Rain Days Update 11/14/23

Market Comment

From Russ, who is located in Central South Dakota very close to the North Dakota border:

"Our area and surrounding areas had and having the best corn crop ever. Piles all over at elevators and some elevators only taking contract or cash sales, but not many yet. A lot in fields yet. Some piles are wet 16 to 20, but normal for our area to have those piles, just not this size in a while.

So, if basis is -60 for Jan Feb, should be lock in when hauling some out, where would all this North and South Dakota corn be going?

A lot of corn in bins also but was out in wet so will be hitting market this winter before spring.

Beans - great also but basis is already -15 for Jan Feb compared to -35 three weeks ago.

What’s the weather pattern looking like for USA for spring with El Niño, northern plains?"

Do not set basis for post-harvest delivery until after harvest and only then when the basis is near the traditional high range for the delivery period. In November, merchandisers have no reason to boost their basis quote for January-February delivery.

Want to read more?

Subscribe to wrightonthemarket.com to keep reading this exclusive post.

Subscribe Now