Country elevators own more grain than usual at harvest, and that can and likely will affect basis levels around the country. Officials at CoBank say some country elevators could end up owning over 50% of the local corn and soybean crops, versus a typical 35, maybe 40% at most. Many producers took advantage of the August rally that extended into September and sold grain right off the combine.
A good move considering the cash price today. However, officials at CoBank add that no one is escaping the cost story. Basis is where elevators can recover some.
Audio Reporting by Mark Oppold for Southeast AgNet.
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