National basis levels moved lower after a taking a break last week. Historically basis levels are pegged to keep moving lower until mid to late October.
On average, corn lost 1/2 cents per bushel. Ethanol plants were down 1 cent per bushel this week. Corn basis along the river was off the most losing almost 3 cents. Basis along the river and at the gulf typically gets hit the hardest this time of year.
Soybean basis was hit especially hard this week off almost 4 cents nationally. Crush facilities took the lightest blow losing 2 3/4 cents. NOPA reported that soy processors crushed 2.6 percent fewer beans in August than a year ago and the pace fell below market expectations due to declines at plants in the Southwest. Soybeans along the river were the biggest loser, off 7 1/4 cents.
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