Grains were positive across the board today. Soybeans, however, had a fairly weak day despite being able to recover to a slightly higher close and will likely continue under selling pressure in the short term. USDA’s yield estimates were in line with analyst expectations for corn, but while analysts expected a decline in soybean yields USDA raised them slightly. Soybean basis levels declined across the country, down 7 cents on average with some areas dropping more than 10 cents. Corn basis was mostly unchanged with some gains along the river and the Gulf.
Tree and Vine