Naomi Blohm of West Bend, WI is a Senior Market Advisor, commodity broker, speaker, with Total Farm Marketing by Stewart-Peterson. Late yesterday morning, she posted on Twitter, now “X”:
"Iowa friends, please tell me about your corn basis... two clients called in to tell me about sudden, drastic improvement of cash corn prices in their neighborhoods."
NE IA, elevators all saying they won't be filled. No piles. Feed mill manager said farmers bins were all empty regardless of what USDA said of old crop, so lots of empty space to fill. Rumor is the one ethanol plant has 2-3 days of corn to use. Basis is .20-.30 better than last year.
River bids Upper (St Paul MN) Mississippi -.20 for rest of season, unheard of at harvest time
North Central Iowa: Golden Grain ethanol plant -0.05 (improved .04 last week. No improvements this week) Chapin elevator -0.20
Rowan -0.30; The rain was found south of Highway 20 and that’s where Rowan pulls
+.05 Cedar Rapids ADM, -.05 Clinton ADM, -.18 Davenport CHS, -.11 Muscatine GPC, -.27
-.30 at most co-ops, +.04 CR Poet Fairbank -.05 , Shell Rock @ option. Bean plants west +.10 last week It keeps improving at the ethanol plant in Hartley. -.05
NW Iowa Report: Rock Valley CFE is -18 Dec today, Doon Elevator is -10 Dec; Siouxland Energy is -5 Dec; Hudson Poet, SD appears to be -14 Dec
Local Ethanol plant narrowed basis by .05 yesterday. Corns getting put in bins. Sept corn stocks lowest since 2014. Beans stocks since 2013. Lots of room heading into harvest. Farmer with space, low % forward contracted and not selling spot across the elevator scale. Eth and soy plants both counting on robust farmer liquidation this harvest-Wrong.
NW IA is a dawg… been a long time since we’ve seen unders there.. too many optimists emptied 1/2-3/4 of their 2022-23 old crop in Sep-Oct for $4.50 instead of $7.30 which was available this past winter. “Free DP”
-.35 to -.15 o/n. -.10 Dec at ethanol plant. -.38 to -.19 local coop. It’s good corn but not a record breaker. Too much heat and wind at wrong time. Picked a hailed field. Best spot 200 bushels. Worst spot 100. Some yrs it avg close to 300
-15 now... -6 Nov 15... -2 in Dec... For now it's been coming up gradually over the last 2 weeks
Improved a nickel 2-3 days ago. -20 to -15...
Western Kansas is bidding 30 over
Cedar Rapids Corn +5 Beans +20
Almost no soybean yields were at APH in northern third of Iowa and then slide down to Cedar Falls in Iowa city. Everything north was dry. Corn was better but still not all average
Poet Iowa falls - even money spot (5¢ firmer than Friday on our Weekly Basis) Poet shell rock - even through Dec.
Local ethanol plant in northeast Iowa is 10 cents and local Coop is .27