GeoGrain Weekly Comments

Cash grain markets found strength as futures prices were down on the week. Both spot and corn bean basis levels posted impressive gains, advancing 5 and 3 cents a bushel, respectively, on the week.

Corn found strength from slow farmer sales as harvest wrapped up as well as underlying demand. Ethanol plants as a group were up 7 cents a bushel with 10 cent gains fairly typical as plants push well above harvest lows. Production at ethanol plants for the week were above last week’s marketing year high coming in at 970,000 barrels per day and sets the year-to-date total at 4% above last year. At river terminals, barge rates fell sharply on the week helping improve basis levels at river markets.

对于大豆而言，基础水平大多有所提高，驳船率下降有助于将基础水平提高。然而，大豆销售额仅为期望，只有483,000吨新业务，而预期为700,000至1,000,000吨。对于豆类植物，基本水平大多是平坦的，但总体上有2％的增益略有改进。十月的每月NOPA CRUSH是大豆压碎的记录最强，高于估计值700万蒲式耳。

—Cody Bills