Basis in the grain market was mixed in the latest week, as May futures begin to approach delivery with expiration of options.
The strongest basis move came in spring wheat, where massive flooding on the northern Plains delayed seedings, sparking a pop in the nearby cash market in the Twin Cities. The shipping season has also begun out of Duluth, providing another outlook for high quality wheat.
Some hard red winter wheat bids also gained, though export basis at the Texas Gulf was weaker as shipments dwindle seasonally.
To read Bryce Knorr's complete weekly basis review, click HERE.
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