Harvest is now winding down across much of the Corn Belt. As this happens, we are seeing more attention on what is being done with newly harvested bushels.
Farmers have now moved the majority of the harvest bushels they needed to and are showing little interest in extending marketing coverage at this time. This is causing basis volatility to build as processors want to keep inbound deliveries flowing.
Buyers know farmers have a considerable amount of inventory to market, though, and are only improving basis values in narrow windows. This is a trend that could happen throughout the marketing season.
Now that harvest is winding down, we are already seeing traders focus on potential new crop acres. Given the need for large crops of all three major crops, we are seeing more attention on acres than usual, especially for this time of the year.
The most talked about is corn, where we are already seeing...