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GeoGrain: Soy Basis Surge Continues

GeoGrain: Soy Basis Surge Continues

14 January 2013

US - Average US soybean basis levels were up 3 cents a bushel last week, bolstered by a recovery in the river market situation.

Corn basis also managed a 2-cent gain last week, one of its best weeks of the marketing year.

Basis levels were sharply higher along the river system with double-digit gains fairly common along the Illinois and Mississippi River systems, as The Coast Guard relaxed its draft guidelines a bit last week for Mississippi River vessels passing through Thebes, IL, due to improving river conditions.

In addition, slow farmer selling in the wake of the recent slide in futures has helped lift basis levels by to try and draw beans into the pipeline. For last week, river terminals were up 9 cents a bushel, while soybean plants managed only a 1-cent advance on average.

For corn, basis levels were stronger thanks to improved barge conditions along the river. But, the persistent lack of export business minimizes the impact of changing barge freight.

River markets managed a 5-cent gain last week, while ethanol plants as a group were unchanged on corn basis.

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