US soybean spot market commentary: basis quotes rise on November 12
November 12 US soybean spot market commentary: soybean spot basis quotes rise
On November 12, soybean spot basis quotes in the US Midwest rose, reversing the recent downward trend, mainly because farmers slowed the pace of deliveries.
According to the US Department of Agriculture, in the week ending November 12, the number of railcars transporting grain was 23,336, down 1.5% from a week earlier, due to the sharp rise in transportation costs.
On November 12, soybean CIF basis quotes in the Louisiana Gulf region rose by 5 cents.
Although the export market was stable, inland soybean basis quotes continued to fall this week. This week, the weather in soybean-producing areas was clear and dry, and farmers accelerated the pace of soybean harvesting. This week, soybean basis quotes have fallen by 14 cents, while corn fell by 3 cents.
Analysts pointed out that although the weather remains favorable, soybean export basis quotes may come under pressure in the coming days.
The US Department of Agriculture announced that private US exporters sold 116,000 tons of soybeans to China, which boosted soybean prices. The recent acceleration in the pace of soybean harvesting has put pressure on the futures market, although harvesting work in some areas is already nearing completion.
According to the US Department of Agriculture, in the week ending November 12, the number of railcars transporting grain was 23,336, down 1.5% from a week earlier, due to the sharp rise in transportation costs.
On November 12, soybean CIF basis quotes in the Louisiana Gulf region rose by 5 cents.
Although the export market was stable, inland soybean basis quotes continued to fall this week. This week, the weather in soybean-producing areas was clear and dry, and farmers accelerated the pace of soybean harvesting. This week, soybean basis quotes have fallen by 14 cents, while corn fell by 3 cents.
Analysts pointed out that although the weather remains favorable, soybean export basis quotes may come under pressure in the coming days.
The US Department of Agriculture announced that private US exporters sold 116,000 tons of soybeans to China, which boosted soybean prices. The recent acceleration in the pace of soybean harvesting has put pressure on the futures market, although harvesting work in some areas is already nearing completion.