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DTN's National Soybean Index fell from a May 12 high of $16.47 to $15.23 by May 20, 2021. The national cash basis weakened 17 cents in under a month, moving from 7 cents over July futures on April 30 to 10 cents under on May 20.
A fast drop in cash basis signals that commercial demand for physical soybeans is fading, which pressures futures and cash bids lower. The move is a bearish signal for soybean prices.
dtnpf.comTodd HultmanMay 21, 2021Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
