Producer selling remains slow, which is pushing the corn basis levels higher. In the Eastern Cornbelt, spot corn basis levels are being posted as much as a plus-65 cents. “Of course the story is that there is a posted basis and what they will pay you; there’s a lot of places that are paying above the posted basis from what I’m hearing,” said Mary Kennedy, cash grains analyst, DTN. Kennedy does not see basis levels backing off anytime soon in Ohio, Indiana and Missouri. “They didn’t get in to plant everything and I think there is a concern that there’s not going to be corn supplies left to supply the (ethanol) plants, the river and the feeders. I think they’ve locked up the bins in that area because if people are paying above posted basis and they can hold on, they definitely will.”
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