A day late on these comments, sorry for the delay. Temperatures and basis levels are heating up while the crude oil and grain futures market seem cool with more sellers taking profits and commercials not ready to jump in and buy just yet. Corn basis at the river terminals is at -.01 Morris and +.02 Ottawa, with Corn Products at +.08. River beans are hanging in at +.12 as export sales are being filled instead of the usual cancellations at this time of year. United States corn is affordable for the world with the recent weakness in the dollar and should keep demand steady into August.
Have you been watching new crop bean basis? December delivery to the Morris Terminal went home last night at +1/2 over the January futures with elevator basis levels strong accordingly. Lots of economic data out on Wednesday which should give the stock market and crude oil direction.
Thanks
Scott Meyer
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