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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.
Soybean basis garnered more upside as export trade winds turned favorable helping bolster US average soy basis by 2.3 cents on average, while corn was fractionally higher on average with a 0.5 cent improvement.
In corn, some of the recent gains due to planting were erased as farmers returned to market grain, which pushed some basis lower at key end users in NE/IA/IL/IN. But in the Upper Midwest where planting is still in full force corn plants were slightly higher to try and meet needs. In the week corn plants were unchanged.
Around the river markets, barge rates have mostly stabilized in recent weeks. Gulf basis for corn was off a penny which kept corn river markets mostly flat to lower, while soy basis at the Gulf was up 7 cents which put upstream river markets higher by a nickel. Soy crush plants continue to hold firm advancing 2.3 cents on the week as May crush margins were the highest for this time of year.
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