Corn and soybean basis hold firm.

For disclosure, these basis charts use a simple Central Illinois cash price and nearby futures. In this case, the futures measurement is the expiring May. This can lightly distort these numbers.

Corn basis advanced 8 ½ cents from April 26 - May 8. Current levels are now right back at the minor peak from March 13. It is also positive as current values are back over the average of heavy supply years, -18 cents as of this date. While we do not expect this firmer basis to hold, it is better than expected for now.

The next two weeks are typically main separation point in basis movements.

Soybean basis has advanced 3 ¼ cents over four days. This puts basis over not just the heavy supply years, -26 cents, but also over the -20 cent basis in tight supply years. While we do not expect this firmer basis to hold, it is better than expected for now.

The next two weeks are typically main separation point in basis movements.

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