Ed Usset

Grain market analysts say farmers should be watching for signs of strengthening in their local basis.

Ed Ussett is an agricultural economist for the University of Minnesota.

We've got these rains that have delayed the harvest.

You've got a lot of buyers at these soybean plants who three, four weeks ago, you're coming into harvest and you're like, hey, absolutely minimize your ownership because cheaper beans are coming in in a matter of a couple of weeks.

I'm kind of expecting it to be negative beans, positive corn.

University of Minnesota Grain Marketing economist Ed Usset says traders are trying to sort through larger old crop stocks, uncertain export demand, and questions about this year's production.

We have some things to figure out.

You know, we have stocks much, uh, bigger.

Wet weather and harvest delays have pushed the soybean basis level sharply higher at some Midwest processing plants.

University of Minnesota Grain Marketing Economist Ed Usset says processors reduced their inventories ahead of the harvest, ex- expecting a steady supply of new crop soybeans.

It's a very event-specific bump in the basis.

That is, we've got these rains that have delayed the harvest.

I'm Illinois Extension's Todd Gleason.

Coming up, we'll talk about the commodity markets with Ed Usset, Agricultural Economist at the University of Minnesota.

We'll hear about data centers across the United States from the American Farm Bureau Federation.

Stephanie Hoff from NAFB has details.

Crude oil at $89.87 a barrel, down $1.24. Diesel fuel or heating oil is about a nickel and two-tenths higher at $4.55 and two-tenths of a cent per gallon.

And the wholesale price of gasoline at this hour, around five and eight-tenths of a cent lower at $3.25 and four-tenths of a cent.

We're now joined by Ed Usset, Agricultural Economist at the University of Minnesota.

Hi, Ed.