 | |||||||||||||||||||||||||||||||||||
|
| 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) | |
|
|
|||||
|
|
||||
|
|
|
||||
Soybeans
|
|
Cash Price, $/bu. |
Basis, $/bu. |
Futures Price, $/bu. |
|
Average |
$4.97 |
-$0.446 |
$5.42 |
|
Minimum |
$4.50 |
-$0.920 |
|
|
Maximum |
$5.64 |
$0.160 |
|
|
Number of Locations: 388 |
|
|
|
Soybean Futures: The CBT Mar 05 soybean futures contract closed at $5.42 on 1-26-05, down from this time last month by $.05/bu. The Wednesday close was down from the same time last year by only 4 cents/bu.
Soybean Basis: The average cash price across 388 locations in the Great Plains was $4.97, with a minimum price of $4.50 and a maximum of $5.64/bu. Basis averaged -$0.45, with much stronger basis levels in Missouri and eastern Nebraska. Southeastern Kansas and eastern Oklahoma were slightly above average. Weaker basis levels appeared in the western portion of the Great Plains.
Soybean Basis Deviation: Current basis levels across the Oklahoma Panhandle, north central and western Kansas were about 15 -30 cents weaker than the three-year average basis levels. Basis levels in much of Missouri, eastern Oklahoma, northeast Nebraska, and southeast Kansas were 6 to 10 cents weaker than the three year average. On average across all locations, basis levels are almost 14 cents weaker than the three-year historical average.
| Soybean Basis | Soybean Basis Deviation |
 |
 |
|
Click on map to enlarge image |
|
Corn
|
|
Cash Price, $/bu. |
Basis, $/bu. |
Futures Price, $/bu. |
|
Average |
$1.79 |
-$0.206 |
$1.99 |
|
Minimum |
$1.50 |
-$0.488 |
|
|
Maximum |
$2.55 |
$0.562 |
|
|
Number of Locations: 450 |
|
|
|
Corn Futures: The CBT March 05 corn futures contract closed at $1.99 on 1-26-05, down from this time last month by $.05/bu. The Wednesday close was down from the same time last year by only 7 cents/bu.
Corn Basis: Cash prices averaged $1.79 across the 450 Great Plains locations and ranged from a high of $2.55 to a low of $1.50/bu. Basis levels averaged -$0.21 and were the weakest in Nebraska, northern and eastern Kansas and most of Missouri. Southwest Kansas, eastern Colorado, and the Oklahoma/Texas Panhandle showed the strongest basis levels relative to other locations.
Corn Basis Deviation: On average, across all locations, basis levels were about 10 cents weaker than the three-year historical average. This was seen scattered across the Great Plains. Basis levels in eastern Missouri, eastern Oklahoma and southeastern Kansas were closer to the three-year historical average. Most of Kansas was about 12 cents weaker with the exception of a small pocket in central Kansas, while was down by only 7-8 cents.
| Corn Basis | Corn Basis Deviation |
 |
 |
|
Click on map to enlarge image |
|
Wheat
|
Cash Price, $/bu. |
Basis, $/bu. |
Futures Price, $/bu. |
|
|
Average |
$3.16 |
-$0.127 |
$3.28 |
|
Minimum |
$2.54 |
-$0.740 |
|
|
Maximum |
$3.72 |
$0.440 |
|
|
Number of Locations: 350 |
|
|
|
Wheat Futures: The KCBT March 05 wheat futures contract closed at $3.28 on 1-26-05, down from this time last month by $.07/bu. The Wednesday close was down $0.11 from the same week last year.
Wheat Basis: Cash prices averaged $3.16 across 350 locations in the Great Plains region. The high cash price observed was $3.72 and the low price was $2.54/bu. Basis levels averaged -$0.13 across all locations. Stronger basis levels were seen in 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 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 stronger.
| 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 |
$1.99 |
|
Minimum |
$1.30 |
-$0.688 |
|
|
Maximum |
$2.30 |
$0.309 |
|
|
Number of Locations: 327 |
|
|
|
Corn Futures: The CBT March 05 corn futures contract closed at $2.05 on 1-26-05, down from this time last month by $.05/bu. The Wednesday close was down from the same time last year by only 07 cents.
Grain Sorghum Basis: Cash prices averaged $1.56 across 327 locations and ranged from a high of $2.30 to a low of $1.30/bu. Basis averaged -$0.43 across all locations but eastern Missouri, Colorado, Texas faired better. Basis levels were weaker in western Missouri, most of Kansas and Nebraska.
Grain Sorghum Basis Deviation: The basis levels observed this week averaged 25 cents weaker than the three-year historical average across all locations. The Great Plains were divide throughout the three sections with eastern and western portions showing stronger levels than the mid-section. 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 |
|
 |