Last week’s 50-cent plunge in spot soybean basis seemed to lose some steam this week, but there was still continued weakness. Spot soybean basis average a 7-cent decline for the week, while spot corn was steady on average across the country.
For corn, basis levels were mostly steady although the Gulf export market was up 4 cents but the PNW market slipped 6 cents a bushel. Ethanol buyers on average as a group were off 1 cent for the week, but in Iowa and Nebraska some buyers boosted their basis by a dime or more. On the river, corn basis was off nearly 3 cents a bushel. The prolonged rains of late are starting to take their toll on the Upper Mississippi River. Barge traffic on the river will be impacted by high water as Lock and Dam 24 in Clarksville, Mo., closed to navigation on Friday. Lock and Dam 25 at Winfield, Mo., will close to navigation on Saturday.
In soybeans, basis levels were weaker at the Gulf, slipping 8 cents a bushel while PNW markets were off 15 cents on the week. Although export demand for old-crop beans has been waning, domestic users are helping keep a floor under the market. As a group, soybean crushers were up 3 cents a bushel for the week, with plants in the Western Cornbelt showing 10 to 15 cent advances in some cases