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Weekly Cash Comments

Corn basis was fractionally higher on the week

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Corn basis was fractionally higher on the week while soybeans put on an impressive 3-cent advance on the week.

For corn, it was a mixed week with ethanol plants generally higher while river terminals were broadly weaker. Gulf basis was off 5 cents on the week but the PNW export market was 6 higher. Barge freight appears to be tightening on the Mid-Miss River and higher but lower stretches of the MS River and OH rivers seem to have ample barge capacity.

Soybeans saw a bit more strength at river terminals which posted an average gain of 3.5 cents while soy plants were up 2.5 cents on the week. Nonetheless, some soy plants were up 5 to 12 in the Upper Midwest as farmers are actively trying to catch up on planting there.

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