Soybean basis was off yet again this week as old-crop premiums get closer to new-crop fall delivery levels. For the week, soybean basis was off 7 cents a bushel on average, while corn basis was unchanged for the week.
In corn, basis levels were mostly flat this week although there were some notable improvements along the river terminals as basis levels at the Gulf firmed 2 cents a bushel. River terminals as a group were up 1 cent a bushel, but most of the strength was confined to the Mississippi River south of St Louis. For ethanol plants, basis levels on average were weaker by a penny this week. However, some key plants showed losses of a nickel or more especially in the Western Cornbelt.
For soybeans, soy crushing plants continued to be a leader to the downside this week with losses of 10 cents on average. Double digit losses up to 20 cents a bushel were fairly common this week across the plants. For river terminals, there was actually some modest strength this week thanks to a 6-cent advance at the Gulf. As a group, river terminals were up 1 cent a bushel.
