The advertised KC basis for truck delivered HRW is option price. I can t tell you the last time I saw this. The basis for SRW out of southern Indiana, meaning Evansville which usually feeds into the Ohio River, is option price as well. Don t get carried away and start thinking one can get away with buying bulges, that still won t work. Concentrate on buying dips in both the spreads and the flat price.
Beans register a minor reversal for the current down move.
Bean oil sees a reversal as well. Meal saw a minor reversal on Tuesday. I am not going to say these are the season s lows, but rather the beginning of a correction within the major down trend. I am not sure just how much the markets will correct. Beans can easily get back into the gap from last week.