date:Jul 14, 2014
a force majeure declaration by the exchange because grain housed in Chicago could feasibly be moved by truck or rail or shipped around the closure via Lake Michigan and the Chicago River via the smaller Chicago Lock.
But CME action cannot be ruled out, particularly if low cash market prices due to heavy post-harvest supplies spur deliveries, they said.
This comes at a time when I think basis levels are going to be extremely depressed and deliveries may be the best sale for some guys. But I do