While nearby basis for corn and soybeans has returned towards normal or better levels across much of the country, harvest bids remain under pressure. Buyers remain wary and are adding what amounts to protection to their bids to guard against the type of excessive margin calls they faced last year.
Freight rates for fall slots are also much higher than the nearby market, which continues to fall as more barges become available. Shipments are starting to wind down, too, further denting demand for freight. However, harvest freight is around 30 cents a bushel higher.
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