10/09/25 Basis Firms, China Still Needs Beans Before Brazil’s Harvest

10/09/2025 Click Above to Watch the Morning Market Talk Video Basis Firms, China Still Needs Beans Before Brazil’s Harvest On the Grains November soybeans pulled back overnight after closing above the 100-day moving average for the first time since Sept. 18 on Wednesday. As has been the case recently, corn followed soybeans’ direction. Wheat traded higher overnight. Corn and bean basis has improved during harvest, especially in the eastern Corn Belt and along the middle to lower Mississippi River. That typically doesn’t happen. It could be caused by lower-than-expected yields or farmers storing more bushels out of fields instead of marketing them – or both. No matter the cause, the only reason for basis to rise during harvest is if there isn’t enough supply to meet near-term commitments – whether for exports or commercial use. Keep a close watch on your local basis for sales opportunities. Sizing Up China’s Need for Soybeans A usually reliable China source indicated the following: China will need 7 MMT to 8 MMT of soybeans before Brazil’s new-crop soybeans are available. China has around 25 MMT of soybeans in storage. It is uncertain how interested China is in tapping those reserve soybeans. China will likely…