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The Grain Hedge Team provides a macro-focused daily view of the world’s grain markets. Kevin McNew received a bachelor’s degree from Oklahoma State University and his master’s and Ph.D. degrees in Economics from North Carolina State University. He spent 10 years as a Professor of Economics with the University of Maryland and Montana State University focusing on commodity markets and is widely regarded for his ability to boil-down complex economic situations into easy-to-understand concepts for applied life.
Corn and soybeans were off yet again but potentially nearing a bottom.
National corn basis was off by nearly 1 cent per bushel this week. Ethanol facilities were again the big movers this week, off by 2 1/4 cents. River basis is beginning to find support from exports and low barge freight.
Cash soybeans were off an average of 2 cents per bushel this week. Crushing plants and river terminals were off by 3/4 of a cent. Monday saw some big hits to spot bean basis with losses at 5 to 10 cents at some key river terminals and processors. Basis levels at interior crushing plants are running about 25 cents below normal for this time of year while river terminals are only off about 15 from the historical norm thanks to surging exports and lower barge freight.
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