In the cash market this week there was a bit of buoyancy as river barge markets reverted to more normal pricing and corn harvest ground to a near halt. On the week, soybean basis was up 2 cents while corn basis posted a modest 1-cent advance.
With the slow progress for corn harvest, basis levels held mostly stable on the week with some modest gains in the Upper Plains and Western Cornbelt where wet weather has hampered cutting progress. Along the river system, a drop in barge rates helped fuel a big 10-cent advance on the week. But for ethanol plants as a group they were off 1-cent on the week.
For soybeans, the river markets also catapulted higher by 16 cents a bushel from last week’s disastrous readings. Soy crush plants added 2 cents a bushel as a group but plants located closer to river markets followed higher with double digit gains.
Harvest delays are still expected as this weekend should bring rain into the NW part of the grain belt. Some localized flooding is possible, especially in central and southern Iowa, southern Wisconsin, northern Missouri, and northwestern Illinois. This could continue to provide support to corn basis.
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