DENVER — The profit outlook for U.S. grain elevators storing corn and soybeans has improved significantly for the 2023-2024 marketing year with buy basis falling and carries returning to futures markets. The world market is currently awash in grains, and global supplies of corn and soybeans are abundant. The improved market conditions follow two consecutive years of inverted futures markets, which limited the ability of many elevators to earn a profit from storing grain, CoBank analysts report.
The current challenge for grain elevators is simply gaining ownership of bushels. Farmers have been reluctant to sell, as corn and soybean. . .
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