Corn basis was off again by 1 cent while soybeans saw a 3 cent advance as futures dropped sharply off two year highs.
Corn basis along the Gulf and river followed the national trends and were off a modest 1 cent per bushel. Export business this week was slightly lower than expected, partially driving the basis shifts. Ethanol plants surprised the market and were also off 1 cent even with record production levels.
Soybean crushing facilities saw the largest basis increase this week, up 5 ¼ cents. River terminals and the gulf facilities were not far behind with increases of 4 ½ cents, responding in part to strong soybean exports this week.
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