Good progress for corn harvest this week kept basis levels under pressure. On average, farmers harvested 17% of the corn crop last week, which helped lower U.S. average corn basis by 3 cents a bushel. In soybeans, where the crop is nearly 90% harvested, basis levels were mostly unchanged.

Farmers finally got a reprieve from the weather and made ample progress getting the corn and bean crops harvested.  Soybean basis felt the brunt of the strong harvest as basis levels were off 14 cents for the week while corn was off 3 cents.

Weather conditions started to improve and gave farmers a chance to pick up the pace on harvest. Both corn and bean basis eased lower this week, falling by 2 and 1 cent a bushel, respectively.

This past week proved to be another challenge for farmers trying to harvest their crops. The latest USDA numbers show limited harvest progress, with corn standing at only 20% cut versus a normal pace of 58% and soybeans at 44% versus 80% at this time of year.

Another incremental week of grain harvest kept basis levels slightly weaker, but still holding relatively firm. Basis levels were off 2 cents a bushel for both corn and beans, but much of the weakness was confined to areas along the River system.

Grain harvest is later than normal and off to a slow start with scattered rains, but basis levels are starting to feel the pressure. For the week, corn basis was off 2 cents on average while bean basis was off 5 cents.

Good weather and ample crops have turned $5 corn into $3 corn and $11 beans into $9 beans over the last few months. With harvest approaching, farmers may be tempted to shove that grain in the bin and hope for higher prices to return.

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Futures markets got a lift this week from short-covering and hot, dry weather that threatened to take some of the yield potential away. Front-month Sep futures jumped over a $1 for beans while corn prices added 30 cents to their price.

Grain prices continued their slump over the past week, although an unexpected announcement that USDA would re-survey corn plantings may put a risk premium back in the market.

The last year has been one of improving basis conditions. After the energy market tumbled and the economy tanked over the past year, transportation costs – a major component in grain basis – begun to fall.

The summer has yet to really heat up, but futures markets are already beginning their wild ride. After moving higher for much of the past week, futures sank on profit-taking toward the end of the week as profit-taking and gains in the U.S. dollar sent grain prices lower.

Futures continued to keep their bias to the upside this week, with new-crop soybean futures eclipsing $10.50 a bushel. Eastern Cornbelt states finally caught a break with the weather, and boosted their corn plantings. However, acreage numbers still remain a huge wildcard for the coming season and with delayed plantings, yield potential may be hampered a bit.

Basis levels were mixed this week, as U.S corn basis values were mostly unchanged, but beans posted a 3-cent gain for the week.

Grain basis levels were mixed this week as soybeans posted a 0.8 cent per bushel increase across the U.S while corn basis was off by nearly 3 cents a bushel.