 | |||||||||||||||||||||||||||||||||||
|
| Home / Crops / Marketing / Basis Report | |
 |
 |
| Crops: Basis & Basis Deviation Maps |
|
This monthly
basis report provides a spatial analysis of crop basis in the Great Plains
Region: Kansas, Nebraska, Missouri, Oklahoma, and parts of Colorado and
Texas. Basis is calculated by subtracting the nearby futures price from the
cash price, where nearby is defined as the futures contract closest to
expiration without going into the delivery month. Basis captures the effects of local supply and demand, as well as
transportation costs, on commodity prices. |
| Kevin Dhuyvetter, K-State Agricultural Economics (785-532-3527; kcd@ksu.edu) |
| Crop Basis Maps: 2-16-2005 |
|
|
|||||
|
|
||||
|
|
|
||||
Soybeans
|
|
Cash Price, $/bu. |
Basis, $/bu. |
Futures Price, $/bu. |
|
Average |
$5.06 |
-$0..285 |
$5.35 |
|
Minimum |
$4.60 |
-$0.750 |
|
|
Maximum |
$5.51 |
$0.156 |
|
|
Number of Locations: 353 |
|
|
|
Soybean Futures: The CBT Mar 05 soybean futures contract closed at $5.35 on 2-16-05, down from this time last month by $.07/bu. The Wednesday close was down from last year by $3.20 cents/bu., when prices rose up to a 13-year high of $10.52 on March 24, 2004.
Soybean Basis: The average cash price across 353 locations in the Great Plains was $5.06, with a minimum price of $4.60 and a maximum of $5.51/bu. Basis levels averaged -$0.29, with stronger Missouri, central and eastern Nebraska, eastern Kansas and eastern Oklahoma reporting above average. Weaker basis levels as low as $-0.75 appeared in the western portion of the Great Plains.
Soybean Basis Deviation: Nebraska saw the most positive level of the region at 2 -10 cents above historical average. Basis levels in much of Missouri were about 1 - 2 cents weaker than the three year average. On average across the rest of the area, basis levels were below the three-year historical average but southeast Missouri, and some pockets in Kansas and Oklahoma reported average levels.
| Soybean Basis | Soybean Basis Deviation |
 |
 |
|
Click on map to enlarge image |
|
Corn
|
|
Cash Price, $/bu. |
Basis, $/bu. |
Futures Price, $/bu. |
|
Average |
$1.79 |
-$0.181 |
$1.97 |
|
Minimum |
$1.54 |
-$0.430 |
|
|
Maximum |
$2.54 |
$0.570 |
|
|
Number of Locations: 408 |
|
|
|
Corn Futures: The CBT March 05 corn futures contract closed at $1.97 on 2-16-05, down from this time last month by $.02/bu. The Wednesday close was down from the same time last year by $0.83/bu.
Corn Basis: Cash prices averaged $1.79 across the 408 Great Plains locations and ranged from a high of $2.54 to a low of $1.54/bu. Basis levels averaged -$0.18 and were the weakest in Nebraska, northern and eastern Kansas and most of Missouri. Southwest Kansas, eastern Colorado, and the Oklahoma/Texas Panhandle followed last month's trend with the strongest basis levels relative to other locations.
Corn Basis Deviation: On average, across all locations, basis deviation levels were about 8 cents weaker than the three-year historical average. The center of the region was about 8-11 cents weaker while the perimeter of the Great Plains were closest to the three-year historical average, falling between 1-3 below average.
| Corn Basis | Corn Basis Deviation |
 |
 |
|
Click on map to enlarge image |
|
Wheat
|
Cash Price, $/bu. |
Basis, $/bu. |
Futures Price, $/bu. |
|
|
Average |
$3.08 |
-$0.127 |
$3.25 |
|
Minimum |
$2.41 |
-$0.740 |
|
|
Maximum |
$3.55 |
$0.440 |
|
|
Number of Locations: 309 |
|
|
|
Wheat Futures: The KCBT March 05 wheat futures contract closed at $3.25 on 2-16-05, down from this time last month by $.03/bu. The Wednesday close was down $0.52 from the same week last year.
Wheat Basis: Cash prices averaged $3.08 across 309 locations in the Great Plains region. The high cash price observed was $3.55 and the low price was $2.41/bu. Basis levels averaged -$0.18 across all locations. Stronger basis levels were seen in central and eastern Kansas, eastern Oklahoma and portions of Colorado, while the Oklahoma/Texas panhandles, most of Nebraska and western Kansas basis levels were weaker.
Wheat Basis Deviation: On average, across all locations, basis levels were stable. Eastern Oklahoma, central Colorado, central and southeast Kansas basis levels were 5-8 cents stronger than historical averages, while much of Nebraska was 1 - 8 cents weaker. The Oklahoma/Texas panhandle, western Kansas and northeast Kansas showed basis levels that ranged from 3 to 4 cents above the three-year historical average.
| Wheat Basis | Wheat Basis Deviation |
 |
 |
|
Click on map to enlarge image |
|
Top of page
Grain Sorghum
|
|
Cash Price, $/bu. |
Basis, $/bu. |
Futures Price, $/bu. |
|
Average |
$1.56 |
-$0.434 |
$1.97 |
|
Minimum |
$0.97 |
-$0.688 |
|
|
Maximum |
$2.10 |
$0.309 |
|
|
Number of Locations: 279 |
|
|
|
Corn Futures: The CBT March 05 corn futures contract closed at $1.97 on 2-16-05, down from this time last month by $.02/bu. The Wednesday close was down from the same time last year by $0.83/bu.
Grain Sorghum Basis: Cash prices averaged $1.56 across 279 locations and ranged from a high of $2.10 to a low of $0.97/bu. Basis averaged -$0.41 across all locations but eastern Missouri, Colorado, Texas faired better. The Great Plains were divide throughout the three sections with eastern and western portions showing stronger levels than the mid-section. Basis levels were weaker in western Missouri, most of Kansas and central to eastern Nebraska.
Grain Sorghum Basis Deviation: The basis levels observed this week averaged 21 cents weaker than the three-year historical average across all locations. Basis levels from Nebraska through Oklahoma were 20 - 30 cents weaker while eastern Colorado and Missouri were 10 to 20 cents weaker than the historical three-year average.
| Grain Sorghum Basis | Grain Sorghum Basis Deviation |
 |
 |
|
Click on map to enlarge image |
|
 |