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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.
The cash market saw loses yet again this week with soybeans getting hit especially hard.
Corn continues to hold up as unseasonably strong export movement is holding basis up for the time being. On average corn saw basis losses of 1 1/4 cents per bushel. Ethanol plants are holding strong as well only off 1 cent. River facilities were the biggest loser in the corn market this week losing 3 1/2 cents.
Soybeans were off an average of 9 1/4 cents being heavily weighed down by crush facilities and river terminals. Crush facilities saw losses of 12 cents moving even lower from last week’s 23 cent drop. River terminals were hit the hardest this week off 22 3/4 cents per bushel. Potentially adding more pressure was the closure of three Mississippi River locks in southern Iowa and northern Missouri earlier in the week.
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