Commodities
US Cash Markets See Basis Widen for Corn, Soybeans as Harvest Begins
The US cash markets for corn and soybeans saw their basis widen as the harvest season begins. The national average corn basis slipped by 3 1/4 cents to 24 cents below December futures, while the national cash corn index price fell by 18 3/4 cents from last Wednesday to $5.03 3/4. In contrast, soybean basis is firmer than the three-year average of 21 1/4 cents below futures.
The seven-market average cotton price was up 83.09 cents last week, compared to 82.88 cents the previous week and 61.95 cents at this time last year. Basis was four points firmer from last week at 517 basis points under the October contract.