Progressive Ag Marketing market analyst Tom Lilja is taking in the results from the Wheat Quality Council Spring Wheat Tour. “There are a lot of spring wheat acres in North Dakota and the crop looks pretty good.” Lilja says the basis doesn’t lie. “Basis is widening out. I think the grain companies know there will be an ample supply. We’ve seen the market move from $14 to $9, taking $5 out. At the end of the day, several farmers are holding out for $10 cash. If basis keeps widening out on big supplies and the U.S. dollar keeps going up, that will be a difficult thing to do this winter.” The tour will affect the market a little bit, but Lilja thinks the big move in the wheat markets was already made.
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