Crop Basis Tool

The Purdue Center for Commercial Agriculture’s Crop Basis Tool can be used to examine weekly nearby and deferred basis for corn and soybeans in Illinois, Indiana, Michigan, and Ohio. Daily cash price data from individual grain elevators and processors are averaged within each crop reporting district to create a regional average cash price series. The regional average cash price data is used to compute weekly basis (cash price minus futures price) for corn and soybeans, using Wednesday cash and futures prices to generate weekly basis data for each crop and crop reporting region. The number of buyers vary by crop reporting district and by week, depending on how many buyers choose to report their cash prices. Cash price data are provided by DTN and represent approximately 2,000 buyers across the four states.

To facilitate comparisons across years in the Crop Basis Tool, a crop year is defined as having 48 weeks with four weeks per month. When a month has five Wednesdays, prices from the fourth and fifth Wednesdays are averaged and reported as the fourth week. As a result, Week = 1 is the first week of September (beginning of the crop year), Week = 5 is the first week of October, and so on.

Latest Update (09/09/2022): As we roll into the ’22-’23 crop marketing year everyone’s attention is on declining crop conditions. While current futures prices reflect yield expectations and other market fundamentals, basis levels in local markets reflect local supply and demand for commodities. Corn and soybean basis is generally strong, relative to historical average basis for this time of year, across most of the eastern Corn Belt. For example, average soybean basis in central Indiana is $0.52/bu. over November ’23 soybean futures, more than $0.80/bu. stronger than the 5-year historical average soybean basis for the first week in September. Similarly, average corn basis in central Indiana is $0.20/bu. over December ’23 corn futures, which is nearly $0.25/bu. stronger than the 5-year historical average corn basis for the first week in September. Visit the Purdue Crop Basis Tool to check current corn and soybean basis levels and historical basis trends for your local area. Visit the Purdue Crop Basis Tool to check current corn and soybean basis levels and historical basis trends for your local area.

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RELATED RESOURCES

September Corn & Soybean Outlook Update

September 16, 2022

Recorded September 16 | Purdue ag economists discussed USDA’s September Crop Production and World Agricultural Supply and Demand Estimates (WASDE) reports.

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August Corn & Soybean Outlook Update

August 12, 2022

Recorded August 12 | Purdue ag economists discussed USDA’s August Crop Production and World Agricultural Supply and Demand Estimates (WASDE) reports and updates on balance sheet estimates for both the ’21/22 and ’22/23 crop years, ethanol demand, ending stock estimates, corn and soybean basis and profitability estimates.

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July Corn & Soybean Outlook Update

July 13, 2022

Recorded July 13 | Purdue ag economists discussed the corn and soybean outlook following USDA’s July World Agricultural Supply and Demand Estimates (WASDE) report and provided implications for crop marketing strategies.

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UPCOMING EVENTS

Monthly Corn & Soybean Outlook Webinar Series

Webinar each month following USDA’s release of the updated World Agricultural Supply and Demand Estimates (WASDE). Catch the next monthly update September 16th for the corn and soybean outlook following release of USDA’s September Crop Production and World Agricultural Supply and Demand Estimates (WASDE) reports. Registration is free.

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