Why own any physical harvested soybeans? Basis is tight, the deferred soys on the CBOT are flat to at an inverse for March and beyond.
75% of my soybeans will soon be in on farm storage under a specialty contract with terms that give a great chance to price for Jan at a grand basis vs Jan CBOT. 25% of my soybeans go to commercial storage where the basis is unusually tight for harvest or Jan at CBOT-17.
80% harvested. 20% yet to go.
Why should we own physical rather than just cashing in- or if we think markets will be higher- sell and speculate by owning the soys on paper????