Yup, the market thinks the current production levels can't be sustained in the face of current oil prices. The funny thing is, it does think the current corn prices will increase, yet ethanol is such a major component of corn demand. If ethanol demand drops off, so will corn demand.
If I recall correctly, December futures were in this range in early November when the front month turned over but spot was much higher. Spot continued to rise through November rather than fall to futures parity and futures climbed closer and closer to spot but still trail by .55. I am thinking that will be the case again here. Supplies are still tight and stockpiles are dropping. I think one reason for the spread is that forward contacts got hit much harder by falling oil the last few sessions than front month (which actually rose) due to the obvious current supply concerns. As long as supply concerns persists, spot should stay strong and January futures should start to catch up imo.
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