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Weekly Cash Comments

Weekly Cash Commentary for week ending April 24

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Grain basis levels were modestly higher this week with both corn and soybeans posting an anemic 1-cent a bushel gain on average across the US this week.

In corn, it was a quiet week for export basis with the Gulf basis unchanged. River terminals found only modest strength with barge rates slipping a bit from the previous week. For ethanol, production continues to be robust which is keeping plant bids for corn relatively strong. Although basis levels were up on average only about a penny for the week, some plants in IA and MN were posting 5-cent advances for basis.

For soybeans, Gulf bids were modestly weaker with a one-cent decline, but river terminals found added strength, posting a nearly 3-cent gain on the week. Export sales for soybeans continue to be positive and while not as big as early season sales, are significant enough to keep buyers aggressively trying to get beans out of farmer hands. For crushers, it was a pretty quiet week overall, but there was some modest strength in the Eastern Cornbelt with some plants up 5 to 7 cents on the week.

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