Grain basis was flat again this week with both corn and soybeans holding steady.
After rallying the first month after harvest, basis levels have been extremely flat over the past month. US average corn basis was up 17 cents in the month after harvest while soybeans advanced 18 cents. But, since mid-November there has been virtually no movement in basis levels.
This week was no exception as the only real noticeable changes were for soybeans along the river which posted a modest 1.5 cent a bushel gain. Export volumes for soybeans continue to be strong which has helped bolster river terminal basis. Crush plants were slightly lower this week, as NOPA crush figures for November confirmed a weaker crush pace than many had been expecting. At ethanol plants this week, corn basis levels were fractionally lower as was the basis at river terminals.
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