West of Mpls MN about 50 miles on Hwy 12 | You make it sound like nobody rewarded themselves with a much lower basis but the same or higher cash price a long time ago. I know I did. Would basis be at a +$3.00 if they hadn't?
Basis in Mankato MN. is +$3.10 for Aug. Then falls off the "cliff" and is +$1.75 for first half Sept. and is +$1.00 for second half Sept. For Oct. they are -.40 and for Nov. they narrow it to -.30. All these are bid of ZS14X. In Dec. they start using ZS15F and maintain a -.30 basis but the cash price is about .06 better.
The basis "cliff" is no secret, it happens every year. Mankato and many other buyers are publishing that fact everyday on the DPP selling platform, or their own bid pages. It does appear the soybean supply is quite a bit tighter than the "market" thought. I wonder how that will affect the market going forward? I wonder what the "real" production numbers really were/are?
I know the market doesn't care, but it should, that's it's job, to find real value. $2.00 corn and $5.00 beans is not real value in todays world IMO, my suppliers are finding that out. If those prices are real? Scks to be my suppliers.
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Adm low on beans?
