Basis levels continue to be firm even as corn and soybeans have a sharp rally. Bennett Consulting President Matt Bennett expects demand from the Pacific Northwest to keep cash corn prices firm. “There will be lots of corn going out of the PNW. We’re hearing about several shuttles heading that way. As you know, you can get to Asia quicker off the PNW then you can going through the Gulf of Mexico.” Bennett says the Gulf basis is firming now. “The crazy thing we’re hearing from end-users is they bought a lot of soybeans off the combine, shipped them down the river, got them to the Gulf and they’re still going. For some time, it’s been hard to get a barge. St. Louis is finally starting to see basis coming back, but there were too many barges floating.”
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