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Cut the corn off the corn cobs. Set aside.
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Saute the chopped red onion in olive oil until the onion is softened. This will take about 5 minutes. Season onions with salt and pepper to taste. Add the corn kernels and the chopped serrano chile to the sauteed red onion. Stir.
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Add half and half and coconut milk to the corn mixture. Bring the soup to a simmer and simmer for about 15 minutes. Partially cover your pan as you do this.
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Take the soup off the heat and remove about two cups of the corn kernels from the soup. Blend the remaining soup in your blender . Put the reserved corn kernels back into the soup and add broth as necessary to thin the soup to the consistency you want.
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Julienne cut the fresh basil leaves and stir them into the soup. Add fresh lime juice and additional salt and pepper to taste. Garnish with a slice of fresh chile, additional strips of fresh basil, and sprinkle a bit of cayenne pepper on the soup.