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S Illinois | Exporters pushed basis here up to +32cents in the latter part of Jan and then they took theirs down to a low of +14in the first week of Feb. Crushers also dropped theirs by 5-10c into the +22/+25range from the high in Jan. Lines to dump have become more prevalent at the crushers the last few week as they have begun hauling from some of the local country elevators soybeans. So far it has been a pretty standard basis play as the Mississippi/Ohio soybean export market slows down. However, in the last few days the primary exporter has pushed basis back up to +20 which is the normal 2-5 cents under the crushers basis bid. Not sure if they overshot basis to the downside or if they have a few boats left to fill. | |
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Basis Heads Up
