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basis

Stay Tuned for Possible Basis Swings This Summer

Since 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.

Corn & Soybean Basis Continue to Strengthen Despite Being Significantly Weaker than Historical Basis Levels

In 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.

Corn & Soybean Basis Steady to Slightly Stronger Across the Eastern Corn Belt

In 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.

Corn and Soybean Basis Continue to Steadily Strengthen at Most Eastern Corn Belt Locations

In 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.

Corn & Soybean Basis Steady to Stronger in Most Locations, Weaker at Ohio River Terminals

After 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.

Corn & Soybean Basis Continue to Strengthen

After 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

Corn and Soybean Basis Levels Remain Weaker than Normal but are Strengthening

Corn 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.

November 2023 Corn & Soybean Basis Update

As the calendar turns to November, many farmers in the eastern Corn Belt still have corn left to harvest. According to USDA, 68% of corn in Indiana has been harvested as of November 5th. Wet corn in the primary culprit. As a result, many elevators are full and are at drying capacity.

Corn and Soybean Basis Weaken as Harvest Heats Up

As harvest heats up across the Midwest corn and soybean basis have been weakening. Weakening basis during harvest is typical of seasonal basis patterns. Therefore, to give context to current basis levels it is helpful to compare them to historical basis levels.

Déjà vu: Low Mississippi River Levels and Rising Barge Rates May Affect Grain Markets Again this Fall

Dry and hot conditions this year are again contributing to lower than normal river levels and, as a result, increasing barge rates. This is certainly something producers will want to pay attention to this fall.

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