Basis appreciation was the name of the game this week. Nearly all corn and soybean basis bids were stronger this week as the lack of new cash sales coupled with the bump in corn exports created a thin pipeline. Nearby Illinois river corn went from -.23 basis to -.08 as Illinois river bean based improved from -.13 to -.04. The futures market was down hard earlier in the week only to rebound going into the weekend. For the week nearby March 09 corn was down 2 cents and nearby March 09 soybeans posted a gain of 20 cents. South American weather will be closely watched as many see a need for more moisture next week after somewhat disappointing amounts this week. The USDA outlook report along with the SA weather should provide direction next week in the futures market. Enjoy the warmer temperatures.
Scott Meyer
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