Soy basis firm; farm movement slows

US cash basis bids were mixed Thursday, with soy basis firm amid limited farm movement of supplies. "Country movement of soybeans has ground to a halt, leaving commercial elevators to fill needs, and these sellers tend to be more resilient, especially in a declining market which provides margin returns," said Karl Setzer, analyst with MaxYield Cooperative, in a market note.

Meanwhile, export basis continued to weaken on soybeans as it is increasingly apparent buyers are much more interested in South American supplies than the US as the Brazilian harvest wraps up, Setzer added in the note. The export basis, or difference between cash prices and futures, was unchanged for wheat, corn and soybeans at the Louisiana Gulf, according to US government data. Read more ...

This blog is written by Martin Little The Global Miller, published and supported by the GFMT Magazine and International Milling Directory from Perendale Publishers