US Agricultural Market Sees Basis Fluctuations Across Commodities
The US agricultural market saw fluctuations in cash prices and basis levels for various commodities. In corn, the national average basis slipped 1 cent to be 1/2 cent above September futures, while the national cash index price rose 15 cents from last Wednesday to $4.73 1/2. This is weaker than the three-year average of 20 1/4 cents above futures.
Meanwhile, soybeans saw a firming in national average basis, up by 1 1/2 cents from last week to 12 1/2 cents above November futures. The national cash soybean index price also rose 55 1/2 cents to $12.49 1/2, with the national basis now firmer than the three-year average of 11 3/4 cents above futures.
Soft red winter wheat saw a widening in its national average basis by 8 1/2 cents to 54 1/2 cents below September futures. The average cash price rose 19 1/4 cents to $6.25 3/4, with the SRW basis now weaker than the three-year average of 48 cents below September futures.
Hard red winter wheat also saw a widening in its national average basis by 1 1/2 cents to 51 3/4 cents below September futures. The average cash price rose 39 3/4 cents to $7.10 1/4, with the HRW basis slightly firmer than the three-year average of 54 3/4 cents below futures.