Corn basis levels were strong for the week as river terminals needed spot supplies while they continued to catch up on shipments to the Gulf after barges were stalled due to high water and treacherous conditions on various sections of the rivers prior to last week. Conditions on the rivers improved last week as the Upper Mississippi, Illinois and Lower Ohio Rivers saw falling water levels after reaching a crest late in the week. On the upper Illinois River, Marseilles Lock reopened on May 15 with the Coast Guard imposing restrictions for barge traffic as repairs continue on the gates. The Mississippi River was expected to crest in St. Louis Wednesday with the lower Mississippi expecting to crest by the weekend. USDA reported total corn inspections through the week ending May 16 were up 17% from the prior week, but nearly 50% below the total last year at this time. [Read and Comment on Full Blog] |
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