Weekly Cash Comments

Soybean basis came under pressure this week giving up 2 cents a bushel, while corn basis continued to flat line at unchanged on the week.

全国玉米基础,尽管平均it was unchanged for the week, did find some modest strength on the Eastern Seaboards well as in parts of Nebraska and South Dakota as a massive blizzard midweek shut down grain flows. Corn piling continues to be fairly prominent still in the Western Cornbelt and will act as a constraint on any significant basis improvement. At the Gulf, basis levels slipped 4 cents a bushel although river terminals were more stable only giving up 1 cent a bushel. At ethanol plants, corn basis was unchanged for the week.

For soybeans, basis levels fell under weakness this week as higher futures brought on more farmer selling and a 10 cent loss at the Gulf export market signaled a significant slowing in the US export program. River terminals lost 5 cents a bushel on average although losses of 10 to 15 cents were fairly common at some locations. At soy plants, basis levels were unchanged on average, although plants in the Southeast were up 5 to 10 cents a bushel.

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—Kevin McNew