text: Changes by the USDA in its posted county prices have successfully increased PIK-and-roll activity as a way to pull corn out of government stockpiles with the resulting jump in free supplies pressuring terminal corn basis values cash grain dealers said. Processors dropped spot Chicago corn basis bids three cents after covering most of the April needs this week with river corn basis bids following CIF Gulf corn values lower. The surge in PIK-and-roll also pressured corn futures with May settling today down three cents per bushel at 1.58-1/2 dlrs near the contract low of 1.49-1/4 dlrs. But unlike in the past when lower prices slowed country movement now lower county prices widen the differentials with the corn loan and make PIK-and-roll even more attractive they noted. Reuter
target: PIK-AND-ROLL PRESSURES CORN BASIS VALUES