I am overdue to update basis charts for selected markets in Minnesota. You can find them on our website here. I like to emphasize the regular pattern of basis, but looking at wheat and soybean charts over the past three years begs the question; “What does a normal or regular basis look like?”
The good news is that basis is improving in all grains and oilseeds (and likely helped by the bad news of lower futures prices). In spring wheat, basis levels are in positive territory (15 over in Crookston) which is light years ahead of the 60-100 under levels seen through much of the past year. Soybeans basis of 50 under is common throughout much of Southern Minnesota, much better than 80-120 under seen through much of the first half of this year. Depending on the financial health of the ethanol industry, there is a possibility of corn basis levels reaching 10 under or better in the months ahead.