Grain basis continued to show little upside life this week even with the ongoing slide in futures prices. For the week, spot corn basis across the country managed a 1.3 cent advance while soybean basis was up 0.8 cents a bushel.
WEEKLY BASIS CHANGES
|
|
CORN |
SOYBEANS |
|
US AVG |
+1.3 C |
+0.8 C |
|
PROCESSOR |
+1.6 C |
+1.8 C |
|
RIVER TERMINALS |
-1.3 C |
+0.2 C |
Corn basis found some strength thanks to some modest strength at ethanol plants, which rose 1.6 cents on the week. Ethanol production continues to hold firm and is outpacing last year’s tally by 5%. At river terminals this week, basis levels dipped lower although export pace continues to be good with sales on the week of 1.3 MMT topping market expectations.
In soybeans, basis levels showed more upside at processors as crush margins improved this week as bean oil bucked the trend of lower soy and meal prices. River terminal basis was mostly flat but there was some notable weakness at IL river terminals.
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