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GeoGrain: Spot Corn Basis Pushes Higher

28 January 2012

US - Spot corn basis has once again resumed its climb.

After remaining idle at an average of 18 cents under the March contract for a good two weeks, the WASDE report released on January 12th ignited basis levels upward.

Spot corn basis since the report has gained an average of six cents across the country. Elevators reported very limited spot sales following the report, and many locations had to strengthen basis accordingly.

Stronger numbers out of the export market have also pushed basis up as the Gulf has increased basis 18 cents since the report and a total of 25 cents for the month of January. Look for basis out of the Gulf to remain strong if export sales figures like we saw in Thursday's Export Sales report continue.

The high demand out of the Gulf has put pressure on the river systems in the last couple weeks as river terminals have bumped basis up six cents in the last seven days.

A strong export market has left spot barges in short supply on the Lower Ohio River as well as pushed rates up at least seven cents on the Illinois River within the last couple of days.

Ethanol plants have also made a push in the last week, increasing basis an average of four cents.

To learn more about GeoGrain's cash market intelligence dial 1-866-290-1196 or visit us online at

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