Grain basis was mixed this week with corn showing little upward strength this week while soybeans posted a 2-cent advance.
Cash markets were mostly stable with some corn markets continue to push higher basis levels over the last few weeks of futures selling pressure. Corn ethanol plants as a group were fractionally higher on the week but there was a number of plants raising bids 5 to 10 cents a bushel to draw out more grain from farmer hands. At river terminals, the basis increased on average at 1.4 cents a bushel.
The competitive landscape in the corn market saw markets in IL/IN push to new highs helping to increase their drawing area around neighboring competition. Along the MS River, Roquette Grain and Green Plains showed double-digit gains in spot corn basis while Poet in Indiana upped their bids by 4 cents on the week to significantly expand their drawing region.
For soybeans, basis levels showed more buoyancy in the face of steeper losses on the Board. Crush facilities were up 2 cents a bushel while the river terminals were up 3 cents on the week.
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