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Crops

Northern Indiana Corn Basis Begins Weaker, but Narrows Gap with Southern Indiana as Harvest Proceeds

Through the first month of the 2024-2025 marketing year, two distinct patterns in Indiana corn basis have emerged. First, basis levels in the Northern and Eastern parts of the state began September significantly lower than those in Southern Indiana. The second trend involved changes in regional corn basis through September.

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Connecting Soil Health to Economics: A Look at Balancing Farm Goals

Michael Langemeier presented at the Regional Conservation Finance Ag Educator Training in Arlington, WI on September 16, 2024, on connecting soil health to economics and looking at formulating and priortizing farm goals.

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The Economics of Reduced Tillage and Cover Crops: Exploring Aggregated Data

Michael Langemeier presented at the Regional Conservation Finance Ag Educator Training in Arlington, WI on September 16, 2024, on the economics of reduced tillage and cover crops.

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Crop Basis Levels Finish Weaker Than Recent Years

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.

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July Crop Basis Movement Varies Significantly by Region as Marketing Year Nears End

Through 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.

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Corn & Soybean Basis Strengthen Through June & July

Depending 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.

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Corn Was King: The Transition to Soy in U.S. Production Agriculture

Margaret Lippsmeyer presented during agri benchmark’s 2024 annual conference in mid June, which was hosted by the Spanish Ministry of Agriculture in Valladolid, Spain. An increase in soybean acreage may come from either (a) shifting away from continuous corn rotations to corn-soy and (b) shifting corn-soy rotations toward corn-soy-soy. Based on agri benchmark data, Margaret showed that option (a) would require an increase in soybean prices of 6% and option (b) of 8% to make these rotations preferable over existing ones.

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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.

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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.

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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.

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