Old crop selling pressure.
Heavy selling hit old crop corn tonight tied to the closing of the Herando Desota Bridge. The bridge carries traffic between Memphis Tennessee and West Memphis Arkansas on what is known on I-40. A structural crack was found that has closed the bridge to traffic above and below this afternoon.
No one seems to know when and if the Desoto Bridge will reopen? Assessments are ongoing. The Miss River is shut down which could have a bearish impact on interior cash basis with exporters turning to rail to move corn and soybeans to Gulf elevators. Corn to the Gulf is the most important with China exporting record tonnages. This will affect basis due to higher costs of switching to rail.