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Bean Basis Tumbles on Futures Surge Above $9.50

Soybean basis remained strong over the winter, as cash prices had to move stronger than futures to coax farmers into selling. However, when futures rallied this week the rally was enough to get the augers running on many farms, bringing enough beans on the market to weaken basis 5 to 15 cents across the Midwest.

Corn basis also eased a little in both the eastern and western Midwest, but firmed along the Illinois River, reflecting better bids at the Gulf and stable barge freight rates during the week.

To read Bryce Knorr's complete weekly basis review, click HERE.