A grain trader says large stockpiles of old crop corn have weakened local basis in Michigan.
Nick Reigler with Michigan Agricultural Commodities tells Brownfield, “We have bushels continuing to flood into the Michigan marketplace, and with that, we’re seeing basis fad relatively quickly.”
Reigler says better yields further north in the state last year likely added to the influx.
“Guys who typically were in the 140-150s camp were pulling 180-to-200-bushel yields and I think that really saturated this Michigan feed market and has been widely felt across the whole state,” he explains.
