Corn and soybean basis have widened.

The first two weeks of May generally show a wider divergence in basis between tight supply years and heavy supply years. In heavy supply years basis generally does not appreciate into the later part of the marketing year. That seems to be the case for 2024.

Central Illinois corn basis widened to -28 ½ cents on Friday 5/17. This is worse than the -25 cent average of heavy supply years. Along with Thursday's -29, this is the widest corn basis since late March.

Soybean basis in prior weeks had been better than expected. That has changed. Central Illinois soybean basis widened to -27 to -27 ½ Wednesday - Friday, 5/15 - 5/17. Though this is not as bad as the traditional -39 cent wide basis for this date in heavy supply years, it does represent a clear change from recent weeks. This is the worst basis since late March.