A head fake by USDA sent the market in both directions Thursday. Early in the day, USDA announced a major corn sale to China. That hasn’t happened in nearly a year and it got the market excited. A few hours later, USDA corrected the report to say South Korea was the buyer. In the weekly AgBull Media interview on YouTube, market analyst Tommy Grisafi was disappointed in that move. “I am terribly disappointed that the USDA put out that China bought corn and then they take that statement back,” stated Tommy Grisafi, market analyst, AgBull Media. “That upsets people; people traded off that information.” In the AgBull Media YouTube interview with the Red River Farm Network, Grisafi said bins remain full of old crop corn and wheat. “You can notice that in the basis, the difference between the cash and futures, in central North Dakota, $1 under for beans at harvest,” said Grisafi. “I’m embarrassed to say this, the corn basis in part of North Dakota were $4.20 futures minus 80-cent corn basis at harvest. That’s not going to work for anyone; If the market drops and the basis drops, you could see $2.99 cash grain at harvest out in the Northern Plains.”
