Attractive September basis draws new crop corn
Some farmers are harvesting corn early to take advantage of September cash bids.
Kelly Nieuwenhuis, who farms near Primghar in northwest Iowa, hasn’t started harvest but says he’s hearing reports of new crop deliveries.
“I’ve been on an ethanol board for seven years over in Sioux Center and we’ve gotten some new crop corn in already that’s at 17 percent moisture. So we’re happy to see the harvest starting a little early.”
The ethanol plant, Siouxland Energy Cooperative, is offering a cash basis 35 cents over the September futures price of $5.63. the bid drops to 12 under beginning October 1st.