Grain basis levels were stagnant yet again this week with the average corn basis across the country unchanged, while soybeans slipped 1-cent a bushel.
Basis levels since harvest have remained incredibly flat. For corn, the overall change in US average basis in the past 3.5 months has been only about 2-cents a bushel. Generally speaking we get at least some modest left-to-right movement in basis during the post-harvest season. In the last 5 years, only 2013 saw a drop in basis levels from December into early spring.
This week the Gulf saw mixed movement in basis levels with corn slipping 2 cents a bushel, while soybeans advanced 3 cents a bushel. Ethanol plants were mostly steady this week although Western Cornbelt plants did see some uptick in basis, with a few plants boosting basis by 3 to 5 cents a bushel. Soy plants on the other hand were off 1-cent a bushel on average and Western Plants were more susceptible to weakness than the East.
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