Grain basis was mostly stronger on the week even with futures prices trying to rebound off of recent lows. For the week ending February 5, spot corn basis was up 1 cent a bushel while spot bean bids advanced 2 cents on the week.
For corn, the action in basis continues be mostly playing out along river terminals. A combination of strong export sales and falling barge freight have helped keep basis levels moving higher at river markets in recent weeks, and this week saw average spot basis at river terminals jumping 5 cents a bushel. For ethanol plants, basis levels as a group were on par with the US average posting a modest 1-cent advance. Ethanol production for the week was down 30,000 barrels per day bringing the weekly average to 948,000 barrels per day. Ethanol stocks climbed again this week by 355,000 barrels to 20.99 million barrels.
In soybeans, export business has begun to take a down turn as China buying has dried up. River terminals were fractionally lower this week pressured by a 6-cent loss at the Gulf export market. For crushing plants, basis levels actually improved 3 cents a bushel as farmer selling has all but dried up in the past 6 weeks thanks to the slide in futures prices.
New-Crop 2015 Average Basis by State
CORN SOYBEANS
State Avg WeeklyChange YearlyChange Avg WeeklyChange YearlyChange
IA -43.8 0.1 -2.7 -66.2 0.1 -2.0
IL -36.6 0.3 -2.8 -36.0 0.4 -10.2
IN -31.8 0.4 -1.1 -35.0 -0.1 -2.6
KS -29.6 0.2 0.2 -84.7 -0.1 -5.4
MI -50.8 0.6 0.6 -59.7 0.0 6.3
MN -52.9 0.2 -2.1 -68.4 0.4 -2.1
MO -43.4 0.4 -9.1 -57.6 -0.1 -11.6
ND -73.7 0.3 -6.5 -98.4 0.0 -14.2
NE -45.7 0.7 -5.9 -77.8 0.5 -5.2
OH -39.3 0.5 -1.4 -46.4 0.0 0.8
OK -12.8 0.8 6.8 -84.8 0.0 -14.0
SD -70.8 0.1 -11.7 -81.8 0.6 -3.4
WI -42.1 0.3 -1.1 -59.4 0.2 0.5
