The spot-basis bid, or premium, for soybeans delivered in March at Gulf of Mexico ports rose to 64 cents to 66 cents a bushel above May futures from 63 cents to 64 cents yesterday, U.S. Department of Agriculture data show. The corn basis was 51 cents to 52 cents a bushel above May futures, up from 49 cents to 52 cents. The average bid rose to US$7.8825, the highest since June 27, 2008.
“We had another week of good export sales” for corn and soybeans, said Glenn Hollander, a partner at Hollander & Feuerhaken, a cash grain merchandiser and broker in Chicago. “The basis will start to improve, perhaps significantly, if there is a further increase in export sales.” Soybean futures for May delivery advanced 17.75 cents, or 1.3 percent, to close at US$14.12 a bushel on the Chicago Board of Trade, the third consecutive gain. On February 9, the commodity reached a 30-month high of US$14.5. Read more ...
This blog is written by Martin Little The Global Miller, published and supported by the GFMT Magazine from Perendale Publishers.
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