Cash grain basis levels were up slightly for the week, posting 2-cent gains for corn and 1-cent gains for soybeans on average across the country.
Both corn and bean basis levels at the Gulf were mostly unchanged for the week, and relatively flat barge rates kept river bids mostly unchanged. However, basis levels for the Upper Midwest in both corn and bean markets saw some moderate gains. Eastern Cornbelt basis levels gained more ground in both corn and soybean markets.
Modest gains will likely be the norm for the next few weeks. Elevators continue to be relatively full on corn, especially in the Western Cornbelt, so gains in basis will be limited.