Grains continued to move higher overnight as soybeans led the complex following Tuesday’s surprise USDA report. Meanwhile, in outside markets the US dollar and equity futures were weaker while crude oil posted modest gains.
Grains started the week with modest gains, but had been higher in Sunday night’s session before retreating into the morning break. In outside markets, crude oil was higher as were equities and the US dollar.
Basis levels were generally firmer this week, although variability in basis movement has picked up on a fast-moving futures market. For the week, US average corn basis was up 1.5 cents while soybean basis bounced up 2 cents.
Grains took a breather from yesterday’s sharp selloff to recover a few cents in overnight trade. In outside markets, crude oil dipped lower and equities were trading down on weak employment data this morning.