Average soybean basis slipped a penny in response to this weeks bean rally; corn basis firmed amid lackluster price action
Soybean basis lost one-cent a bushel on average across the country this week, while corn basis managed to post a modest one-cent gain for the week.
Gains in corn basis were most notably tied to ethanol plants, which saw a 2-cent gain over the last week. Ethanol margins continue to improve off their lows from the start of the year as ethanol prices have firmed and corn prices have eased off. At the Gulf, corn basis was unchanged and limited changes occurred along river terminals as barge rates were mostly stable.
For beans, basis levels were off 1-cent a bushel across the country this week. Soybean crushing plants were lower by 2-cents a bushel, while some processors in the Eastern Cornbelt were off 5 to 10-cents on the week. River markets were slightly stronger as export business continues to be strong for this time of year.
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In the overnight session the grains traded higher with wheat leading the way up 4 3/4 cents, corn traded up 1 3/4 cents and soybeans up 1/4 cent. The U.S. dollar index is trading about a 1/4 percent higher this morning and crude oil is down 58 cents.
In the overnight session the grains are trading higher, with corn up 1 1/2 cents, soybeans up 1 1/4 cents and wheat up 3 cents. The U.S. dollar is lower by 1/10th of a percent and crude oil is 48 cents higher. This morning a reportable export sale was announced for 152,400 metric tons of...