Grain basis was mixed this week as corn basis came under some modest pressure giving up 0.5 a cent a bushel on average across the U.S. Soybeans posted a nearly 1-cent gain on the week.
This week, there was clear dichotomy between end users and river terminals. End corn users were clearly lower this week especially in the Western Cornbelt. Corn basis at ethanol plants across the US averaged a 2 cent slide. Losses of 4 to 6 cents were typical in the Western Cornbelt. Meanwhile, river terminals firmed as strong export demand and approaching First Notice Day for March futures pushes basis levels to converge at river markets. For the week, corn river terminals gained 3 cents a bushel.
For soybeans, similar forces were at play with river terminals up nearly 5 cents on average for the week, while crush plants as a group were unchanged. The Northern Plains and Upper Midwest continues to be plagued by weak basis levels as rail delays in the PNW regions put load-outs behind schedule and keep basis levels on the defensive.
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