Corn and soybean basis have held up well in the face of rising harvest-related activity. While many believe over half of the soybean crop has been harvested and around one-third of the corn has been harvested, basis levels remain above the three-year average.
For soybeans, immediate delivery basis softened during the first half of harvest, but the national average basis is still about a dime better than the three-year average. Meanwhile, corn basis actually firmed this week to signal the market needs fresh supply. The structure of the market continues to encourage growers to put corn in the bin — and that’s what they’re doing.
Pro Farmer Editor Chip Flory and Senior Market Analyst Brian Grete discuss harvest and its impacts on basis in this week's Pro Farmer Profit Briefing segment on AgDay TV.