Corn and soybean futures have strengthened over the last month, but basis has generally weakened. Higher board values offer an additional incentive for farmers to let go of more old-crop grain during a month that normally already features some of the year’s heaviest selling activity outside of harvest. Grain merchandisers are also in a window of relative comfort given that there is carry in the price curve and still almost a month and half to go before March futures enter the delivery period. Marketing decisions being made following the latest futures rally should include particular consideration of your outlook for basis and whether or not it can improve before the grain will be delivered. Look at the futures spreads as well and run the math on whether carry premiums plus the potential basis gain will be enough compensation to offset your storage costs. If you think that futures are nearing a top, that basis will not firm up again, and that the futures spreads are not wide enough to make deferred delivery pay off, then you should be selling cash grain at the current spot price. You should do nothing and wait if you believe that basis and board…