Corn basis -- the difference between local cash prices and futures prices at the Chicago Mercantile Exchange (CME) – reflects the strength or weakness in local demand for corn versus global demand for corn.  As shown in Figure 1, “normal” corn basis in Iowa is typically between $0.00 and -$.50 per bushel.  There have been brief periods when basis gets weaker than 50 cents under the CME and a few times when basis is strongly positive,...