Basis Plunge Pressures Corn and Soybeans

October 6, 2017 12:29 PM
Basis Plunge Pressures Corn and Soybeans

Corn and soybean markets faced a double-whammy of weakness in futures and heavy basis pressure stemming from a logistics mess on Midwest rivers that backed up grain movement across the Corn Belt. The price pressure could have been worse if rains hadn’t delayed harvest progress across the region. Traders will continue to monitor weather, harvest progress and river logistics, and they will have USDA’s October crop reports to factor into prices next week. SRW and HRW wheat futures followed the corn and soybean markets lower, while spring wheat futures showed little net movement amid spreading with the winter wheat markets.

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