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Ontario | rpete: You are right! The basis high may be the high we should be talking about!! Funny a big crop predicted for Mn and Ontario, and basis in the dumps in both locale's. (The locals think there is lots in our areas; so they say why should we have to pay!!!)
Might have to wait until after harvests for basis to improve, once the corn travels to where its needed. (Just a guess...)
For now, I think you are right on with your point: A sky high futures price, and a record high negative basis.
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Call the high
