Not a lot of momentum at the moment either way as we approach the weekend. Weather looks status quo, so we should have little reason to move any direction than sideways it seems. Spreads are a bit stronger on the beans, but not especially for any good reason unless you think our export pace will continue all year. The only weakness in the spreads is in back months, so there is your answer, IMO. Basis is still weak, but movement is slowing and I would expect a nice bounce into year end. Export pace has been torrid, both in bookings and shipments. Crushers have been cranking right along as well. This should set up a decent 10-20 cent bounce in basis by mid-Dec. and could be more if futures head south. Look for a chance to sell higher, but with the tail end of the harvest this weekend on tap and still some cash only storage facilities that would portend a weaker close unless weather in SA takes a drastic turn in their forecast around noon.
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