Corn Prices Tumble in North Dakota: More production creates storage shortage, which widens basis and causes $1.73 corn

摘要

In late September, corn prices at two North Dakota grain elevators dropped to levels farmers thought they'd never see again: $1.73 at one facility and $1.81 at another. A wide basis—more than $1.50 per bushel below futures quotes at some locations—is driving the low corn prices.That puts new crop corn prices below variable costs for North Dakota corn producers. Soybean prices have also tumbled far below breakeven to just over $8 per bushel.