US Soybean basis dives as harvest finally gets underway

The US soybean harvest has finally got underway, sending basis premiums sharply lower as empty supply pipelines are slowly replenished.

Farmers as far north as Michigan and Minnesota are said to have begun harvesting over the weekend, encouraged by hefty spot premiums.

Farmers in the southern Plains and Delta were also able to resume harvesting at the weekend following heavy rains produced by Hurricane Ike.

Spot premiums are said to have declined as much as 80c Monday and are currently averaging 61 3/4c under the Nov future.