Carry Is Creeping Back Into Corn
- Ryan Tungseth
- 9 hours ago
- 2 min read
The Market Dilemma: Hold Old Crop or Start Moving It?
This week’s Insider conversation centered on one theme: structure matters more than headlines.
Crude oil gave us a recent reminder. Even while prices were sliding earlier this winter, the spreads stayed inverted. That’s not normal behavior in a true oversupply environment. It was a warning that the downside pressure wasn’t as solid as it looked. Sure enough, crude found its footing.
Now look at corn.
Corn spreads have been widening and adding carry at relatively low prices. The March–May has weakened, and the market is offering more incentive to store grain. That tells us either grain is moving comfortably into the pipeline — or end users don’t feel urgency. Neither interpretation is friendly for old crop bushels sitting in the bin.
