Corn Basis Slips, Soybean Basis Tightens as Wheat Basis Contracts

The national average corn basis slipped 1 cent to 1/2 cent below September futures. This comes after a drop of ¾ cent from last Wednesday's price of $4.72 ¾. National basis is weaker than the three-year average of 17 3/4 cents above futures.

The soybean market saw a tightening of the national average basis by ¼ cent, moving to 12 1/4 cents above November futures. However, the national cash price slipped ¼ cent to $12.49 1/4. National basis is firmer than the three-year average of 4 ¼ cents below futures.

The soft red winter (SRW) wheat basis tightened by 16 ¼ cents, now sitting at 38 ¼ cents below September futures. The average cash price rose 66 1/2 cents to $6.92 1/4. SRW basis is stronger than the three-year average of 46 3/4 cents below September futures.