This is the time of year when marketing plans should be in place for new crop risk management. The graph gives an early look at weekly November 2019 new crop soybean futures and example harvest bids for a central Iowa elevator. Both markets have been relatively flat when viewed as a weekly snapshot. One important observation is that new crop basis, in this example and probably statewide, is projected at wide levels. This market is about 90 cents below futures. Marketing plans should look at price and basis as two separate decisions since price and basis goals will probably not be accomplished at the same time.
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