(NAFB) The United States government recently tallied two important facts. The first has to do with last year’s corn crop. There is 37 percent more of it left in the bin today than the same time in 2023.
The second is that, as of June 1st, when 91 percent of the corn crop had already been planted, they intended to push acreage from about 90 million to just under 91 and a half million. It was an ugly day.
University of Minnesota agricultural economist Ed Usset says it may not get better for those farmers holding on to last year’s corn crop.
The second thing is that basis, or the difference between prices in Chicago at the Board of Trade and those at the local grain elevator, tend to break going into fall.
Usset has this advice for farmers needing to sell old crop grain. Sell it on a rally, but that’s more like an up day rather than a full-blown move higher. For new crop, wait.
Ed Usset of the University of Minnesota.
