Spot grain basis found modest support this week as futures markets continued to erode in the face of ample supplies this fall. On the week, spot corn basis was up 1.6 cents on average while spot soybean basis was up 1.2 cents on average.
For corn, river terminals were the big winners this week gaining nearly 4 cents a bushel. Unseasonably strong exports continue to keep basis levels firming at export sensitive markets. Meanwhile, ethanol plants were up only 1.5 cents on average this week.
Conversely, soybeans saw only fractional gains of 0.3 cents a bushel at river terminals as export activity slows down along normal seasonal lines. However, soybean plants were up 3.2 cents a bushel on the week.
Looking ahead to new-crop bids, basis levels are generally weaker for corn when comparing the same elevator new-crop basis now versus 2015. On average, new-crop corn basis is off 4 cents from the same time last year, but beans are on par with basis levels being offered this time last year.
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New-Crop Basis Bids For Same Elevator Comparisons: 2016 vs 2015
