I collected some data from Barchart's cmdty newswires. Here's what I found. Feel free to weigh in with your local basis.
Cash corn bids reported Monday show favorable selling opportunities.
However, for three Midwestern states, the soybean basis levels are getting away from farmers.
Barchart’s cmdtyNewswires reported that for March 2020 delivery, Iowa’s statewide average corn cash bid is $3.67 per bushel, with a basis running 20¢ under the Chicago futures market price.
Minnesota’s average corn cash bid is averaging $3.52 per bushel, equaling 34¢ under Chicago futures.
Indiana farmers are enjoying an average corn basis of $4.03 per bushel, running 16¢ above the Board.
Soybean Cash Basis
In Nebraska, a statewide average cash soybean bid is $8.23 per bushel, for March 2020 delivery. That basis is $1.20 below the Chicago Mercantile Exchange (CME) Group. For May delivery, the soybean basis average is $8.62, 95¢ under the Board.
On Monday, North Dakota’s soybean statewide basis price average is $8.12 per bushel, $1.31 under the CME Group’s futures price.
In Minnesota, the statewide average soybean basis price of $8.65 per bushel is 78¢ under the CME Group.
What say you?
Thanks,
Mike
