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GeoGrain: Spot Soybean Basis Increased Two Cents

15 January 2012

US - Since the beginning of the year, spot soybean basis has increased an average of two cents across the nation.

Most of the strength has been along the Ohio River in states like Illinois, Ohio, and Indiana where basis increased three cents, two and a half cents and two cents respectively. The Gulf provided the most support increasing basis 11 cents since the beginning of the month. Strength out of the Gulf boosted river terminal basis eight cents.

When comparing this year's basis to years past, basis levels are around ten cents stronger than the five year average. The recent uptick in basis has also put spot soybean basis levels on par with the maximum basis recorded in the last five years. This maximum basis trend line gained around 18 cents from mid January to mid February.

If spot soybeans basis this year were to follow in suite, continued strength out of the export market will be necessary and may be plausible with buyers like China back in the market.

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TheCropSite News Desk

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