date:May 24, 2013
traded choppy and two-sided early on with profit taking in the July/November spread which helped November soybeans gain on the old crop contracts. Markets busted higher late in the session with the July and November contracts ending the day with double digit gains.
Meal offers were down overnight in various processor markets and this helped to pressure the soybean basis for the second day in a row. Some processors were reportedly quoting basis 20-30 cents per bushel lower than the day prior.