After a week of rolling, November contracts expired today and liquidation begins in the December contract. Otherwise, the market remains caught in sideways trading, which pushes opportunity into the spread trade. The USDA Export Sales report would ordinarily have influenced the day, but it is postponed until tomorrow due to the federal holiday this past Monday. This leaves talk about trade talks as an influence, which isn’t a very reliable factor.  There is too much supply and to find demand it needs to get priced properly. There is a bottom somewhere, but basis remains higher, reflecting producer reluctance to sell even at these prices. Perhaps it also indicates too much isolation from real market forces. At the same time selle...