Grain futures were mostly stable this week as traders’ awaited fresh news on the crop supply situation from USDA’s August 12th report. In the cash market, average basis levels across the country were mostly unchanged for soybeans but up 2 cents a bushel on the week for corn.
For corn, export bids at the Gulf were off this week by 3 cents a bushel which put upland river terminals on the defensive for the week. Some terminals slipped as much as 10 cents on the week. The one bright spot was ethanol plants which posted a 4-cent gain on the week. Eastern Cornbelt plants in Illinois, Indiana and Ohio were especially strong with gains of 10 to 15 cents on the week fairly common.
In soybeans, cash basis along the river was dragged lower by Gulf bids that plunged 41 cents this week. Cancellations of old crop export sales in the past few weeks has taken the premium out of spot beans and caused spot basis levels to erode. At soy crushing plants, basis levels put up a 3-cent advance for the week although double-digit moves up or down were fairly typical as plants jockey for late season supplies.
