Weekly Cash Commentary for week ending 11/11/2016
National corn and soybean basis moved higher across the board this week. This is the first time we have seen unanimous movement higher since the end of August.
On average, corn moved higher by 1 1/2 cents, the first move in either direction in three weeks. Corn along the river gained momentum from last week gaining 8 cents; ethanol plants moved slightly higher by 1 1/4 cents from last week. Some ethanol plants see Trump’s refinery policies as a wildcard for them and are awaiting further news.
Soybeans saw strong movement higher gaining an average of 3 cents per bushel. Crush facilities gained 5 1/4 cents, partly supported by Palm Oil news this week. Soy river facilities continued to be the strongest movers this week up 10 1/2 cents.
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US Corn Price Idx:ZCPAUS.CM
open: 7.6386
high: 7.8377
low: 7.6386
close: 7.7452
US Soybean Price Idx:ZSPAUS.CM
open: 16.9958
high: 17.3377
low: 16.9368
close: 17.2028
US Hard Red Winter Wheat Price Idx:KEPAUS.CM
open: 10.9106
high: 11.1299
low: 10.844
close: 11.0805
US Soft Red Winter Wheat Price Idx:ZWPAUS.CM
open: 9.9532
high: 10.1684
low: 9.8632
close: 10.1335
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