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Mascoutah, Illinois | We are located just thirty miles east of St. Louis. Our updated grain quotes at the close yesterday had a positive basis in soybeans for every month from now until March of 2011. (We are plus 43 cents for July 2010 delivery.) With a decent crop in the U.S. in 2009 and the large crop out of S.A., it is suprising basis is at historic highs with harvest just around the corner. I am assuming our elevator is needing soybeans. We are normally 20-30 cents under for October and November delivery at this time of the year. It appears nobody is forward contracting their new bean crop. I am of the assumption with all of the added storage farmers have built over the past three or four years they have helped themselves with better basis. My brother inquired about putting a bin up recently, and the wait list is approximately two years.
Edited by djmcountryboy 7/7/2010 13:15
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Lanworth's crop guess might be right after all
