09/17/25 Afternoon CommStock Report- Worst Basis Ever Recorded In North Dakota

Moistures levels may be elevated but combines are already starting to roll in parts of Central Iowa. Traders will be eager for any yield reports to validate the market response to the USDA report last week. It is not often the market moves higher following a bearish update. It was another case where the market viewed the USDA report as being too slow to illustrate the declining crop conditions from late season drought and disease. We received one alarming report from a large grower in West Central Illinois (30,000 acre operation) that was advancing their harvest by two weeks ahead of normal to limit damage from Southern Rust. Despite harvesting corn at nearly 30% moisture and triggering heavy drying costs, they still felt it necessary to offset the damage from disease by getting an early start to harvest, which according to them was “dissolving” crop stalks and kernels at an alarming rate. Everyone has an opinion on the value of fungicide, but it seems to have made more sense this year. The problem is, by the time you know you need it, it is often too late.   The USDA made one correction to corn demand that ultimately “saved” the…