The following commentary does not necessarily reflect the views of AgWeb or Farm Journal Media. The opinions expressed below are the author's own.
The FBN 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 basis was fractionally higher on the week while soybeans put on an impressive 3-cent advance on the week.
For corn, it was a mixed week with ethanol plants generally higher while river terminals were broadly weaker. Gulf basis was off 5 cents on the week but the PNW export market was 6 higher. Barge freight appears to be tightening on the Mid-Miss River and higher but lower stretches of the MS River and OH rivers seem to have ample barge capacity.
Soybeans saw a bit more strength at river terminals which posted an average gain of 3.5 cents while soy plants were up 2.5 cents on the week. Nonetheless, some soy plants were up 5 to 12 in the Upper Midwest as farmers are actively trying to catch up on planting there.
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