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basis
Looking back on last year, the importance of understanding how basis affects your marketing plan is evident. Basis levels for corn and soybeans peaked at different times during the 2023-2024 marketing year. Preparing for the Fall 2024 harvest, basis levels continue to be below the three-year trend. To check your up-to-date local basis levels throughout harvest this fall, visit Purdue Center for Commercial Agriculture Crop Basis Tool.
Read MoreThrough July, we have seen a wide variation in the movement of both corn and soybean basis across Indiana. In East Central Indiana, corn basis has stayed within a $0.04/bu. range over the last four weeks and is currently $0.01/bu. lower than during the first week of July.
Read MoreDepending on where you are located, Indiana corn and soybean basis have seen large swings in the last six weeks. For example, SE Indiana corn basis was -$0.13/bu. in the first week of June but was $0.03/bu. on July 10th. Unlike history suggests, the movement has generally been a strengthening in basis for both corn and soybeans.
Read MoreSince early May, Indiana corn basis has flattened or improved modestly, depending on the location. Corn basis levels throughout Indiana remain well below their three-year average.
Read MoreIn recent weeks, corn basis has continued to strengthen steadily at many locations across the eastern Corn Belt. For example, corn basis in central Indiana for the second week of May was $0.22/bu. under July ’24 corn futures. This is $0.13/bu. stronger than the first week of March.
Read MoreIn recent weeks, corn basis has been steady to slightly stronger across much of the eastern Corn Belt. For example, corn basis in central Indiana for the second week of April was $0.18/bu. under May ’24 corn futures.
Read MoreIn recent weeks, many eastern Corn Belt locations have seen steady to slightly stronger corn and soybean basis levels. For example, corn basis in central Indiana for the first week of March was $0.24/bu. under May ’24 corn futures. This is $0.05/bu. stronger than the first week of February, but still about $0.18/bu. weaker than the historical 3-year average corn basis for the region.
Read MoreAfter starting the year weaker than normal, corn and soybean basis has been steadily increasing since harvest ended last fall. In recent weeks, many eastern Corn Belt locations have seen steady to slightly stronger corn and soybean basis levels.
Read MoreAfter starting the year with weaker than normal basis levels, corn and soybean basis are improving. The improvement in corn basis occurred much later than normal due to slow harvest progress from wet corn in many locations
Read MoreCorn and soybean basis remains weaker than normal in many parts of the United States. For example, in Central Indiana corn basis the first week of December was $0.45/bu. under March ‘24 corn futures.
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