Basis levels are already ugly. During the Red River Farm Network Market Outlook Forum, Martinson Ag Risk Management President Randy Martinson said the recent freeze further complicated the situation for farmers. “Now, a lot of guys are going to have to look at finding more bin space for soybeans, especially if they got nipped a little bit and they’ve got some green beans in there, they’re going to have to store them for a while or really take a big discount at the elevator if the elevator will even take them.,” said Martinson. “Up here, there are areas that have refused to take soybeans this fall. Basis levels are at $1.50 to $1.75 (under November futures) so I think at this point, you might be better off storing some of those soybeans.” Storage for the corn crop was already at a premium. That was impacted by the June wind event in North Dakota. “I see some guys leaving corn in the field and waiting until spring to harvest it.” Watch the forum.
