Board
The futures curve for each crop, with the book's own cost of production drawn across it.
The curve, against what it cost to grow
An upward curve is a carry market, which pays a storer to wait. If a deferred contract sits below the nearby the board is inverted, meaning somebody needs bushels now, and storing into that is paying rent while the board falls out from under the position. Carry and Storage prices that out properly.
Contracts
| Contract | Board | On the day | Carry from nearby | Cash at Belleville | Over book cost |
|---|---|---|---|---|---|
| Sep 2026 | $4.27 | -$0.02 | +$0.00 | $4.17 | -$0.04 |
| Dec 2026New crop | $4.44 | -$0.03 | +$0.17 | $4.34 | +$0.13 |
| Mar 2027 | $4.56 | +$0.01 | +$0.29 | $4.46 | +$0.25 |
| May 2027 | $4.67 | +$0.06 | +$0.40 | $4.57 | +$0.36 |
| Jul 2027 | $4.71 | +$0.01 | +$0.44 | $4.61 | +$0.40 |
| Sep 2027 | $4.81 | +$0.05 | +$0.54 | $4.71 | +$0.50 |
The cash column applies today's Belleville Co-op basis of -$0.10 to every contract, which is a simplification: basis is seasonal and a deferred delivery would carry a different one. Basis shows the real curve by month and by delivery point. Dec 2026 is the new-crop contract, which prices a crop that does not exist yet, so anything sold against it is screened against the insurance guarantee before the desk will put it on.
The book holds 26.3M bu of corn across 98 plans, 67% of it priced.