Cash prices mostly tracked the futures market higher for corn and soybeans this week, despite the rally on the board following the USDA reports on Tuesday. While some elevator hedging was noted, especially in corn, due to farmer sales, basis held surprisingly firm.
Producers appear to have done a good job keeping current with sales, and seem to be waiting to see if the market can reach the next set of benchmarks for cash. For soybeans, that's $9.50 and $10, depending upon location, while corn growers would like to see a $4 in front of prices before moving more grain ahead of planting.
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