Grain basis was mostly stable this week as farmer selling was limited following the sell-off in futures after the June 30th USDA report. On average across the US, both corn and soybean basis was mostly unchanged.
In corn, flooding in Missouri and southern Illinois continues to take its toll on crop production as well as hamper barge movements along the Mississippi River. Water levels are expected to crest in the next week and could continue to plague barge movements. In Missouri and Southern IL basis levels were stronger than the rest of the country showing 2 to 4 cents a bushel. In ethanol, plants were mostly unchanged this week although Western Cornbelt plants were generally weaker than plants in the Eastern Cornbelt.
For soybeans, there was noticeable strength by soy crushing plants this week with the average basis across plants rising by 4 cents a bushel this week. Plants in the Eastern Cornbelt showed the most strength with several key facilities up 10 cents a bushel this week. On the river, basis was also firmer by 2 cents a bushel.
