Cash grain basis levels were mostly flat this week on average with the US soybean basis unchanged, while corn posted a modest 1-cent advance.
The recovery in soybean futures prices took their toll on some basis levels this week as soybean plants were down 2 cents a bushel on increased farmer deliveries. River terminals as a group were unchanged for the week, while Gulf basis bids were off 3 cents a bushel.
For corn, the strength here was fairly muted. While ethanol production was up sharply on the week, there seems to be little incentive for plants to push basis levels higher with plant-average basis levels mostly steady on the week. At river terminals, basis levels were off by 2 cents a bushel.
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