date:May 29, 2013
mes each day. The result was a dramatic 71 cent drop in average soybean basis at crush facilities and a 51 cent drop at river terminals.
The soybean basis collapse seemed to be driven by increased farmer selling, but is also explained by convergence of the futures and cash price as we get closer to the last trade date on the July futures. We have observed many elevators switching to the August, September and November futures contract when quoting spot bids.
Corn basis maintained a strong basis