Grain TV: Strong Downside Risk in Corn Basis
Ethanol crush numbers declined for the third week, mirroring a decline in corn basis levels. Growers may want to clean out the bins of any remaining old crop corn as there’s strong risk of the downside continuing. U.S. wheat is showing uncompetitive on the global market and prices are expected to stay depressed at least until the September WASDE.
The ICE Dec and Mar contracts gave back 160 and 87 points on the week, respectively, as last week’s inversion between the two contracts gave way to partial carry. Well,