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| Home / Crops / Marketing / Basis Report | |
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| Crops: Basis & Basis Deviation Maps |
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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: 5-18-2005 |
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Soybeans
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Soybeans |
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Cash Price, $/bu. |
Basis, $/bu. |
Futures Price, $/bu. |
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Average |
$5.98 |
-$0.341 |
$6.33 |
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Minimum |
$5.39 |
-$0.943 |
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Maximum |
$6.42 |
$0.068 |
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Number of Locations: |
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385 |
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Soybean Futures: The CBT July 05 soybean futures contract closed at $6.33 on 5/18/2005, down from this time last month (4/20/2005) by -$0.03/bu. The Wednesday close was -$2.74/bu. from last year (5/19/2004).
Soybean Basis: The average cash price across 385 locations in the Great Plains was $5.98, with a minimum price of $5.39 and a maximum of $6.42/bu. Basis levels averaged -$0.341 with Missouri and northeast Kansas reporting the most positive outlook. Weaker basis levels as low as -$0.943 appeared in the western portion of the Great Plains.
Soybean Basis Deviation: Nebraska saw the most positive level of the region -$0.11 from the 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 |
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Click on map to enlarge image |
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Corn
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Corn |
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Cash Price, $/bu. |
Basis, $/bu. |
Futures Price, $/bu. |
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Average |
$1.86 |
-$0.253 |
$2.11 |
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Minimum |
$1.54 |
-$0.527 |
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Maximum |
$2.48 |
$0.222 |
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Number of Locations: |
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444 |
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Corn Futures: The CBT July 05 corn futures contract closed at $2.11 on 5/18/2005, a change from this time last month (4/20/2005) by $0.00/bu. The Wednesday close was -$0.88/bu from the same time last year (5/19/2004).
Corn Basis: Cash prices averaged $1.86 across the 444 Great Plains locations and ranged from a high of $2.48 to a low of $1.54 /bu. Basis levels averaged -$0.253 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. The outlook for eastern Missouri has improved over the past couple of months.
Corn Basis Deviation: On average, across all locations, basis deviation levels were -$0.12 from the three-year historical average. The center of the region continues to show the most positive outlook. Eastern Missouri, much of Oklahoma and most of eastern Nebraska reported larger than average deviations from the 3-year average.
| Corn Basis | Corn Basis Deviation |
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Click on map to enlarge image |
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Wheat
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Wheat |
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Cash Price, $/bu. |
Basis, $/bu. |
Futures Price, $/bu. |
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Average |
$3.02 |
-$0.176 |
$3.20 |
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Minimum |
$2.25 |
-$0.950 |
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Maximum |
$3.52 |
$0.320 |
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Number of Locations: |
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350 |
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Wheat Futures: The KCBT July 05 wheat futures contract closed at $3.20 on (5/18/2005), down -$0.09 from this time last month. The Wednesday close was -$0.72 from the same week last year (5/19/2004)
Wheat Basis: Cash prices averaged $3.02 across 350 locations in the Great Plains region. The high cash price observed was $3.52 and the low price was $2.25 /bu. Basis levels averaged -$0.176 across all locations. Stronger basis levels were seen in central Kansas and most of Oklahoma most of Nebraska and northwestern Kansas basis levels were weaker.
Wheat Basis Deviation: On average, across all locations, basis levels were stable averaging a gain of $0.06 compared to prices over the past three years. While much of Nebraska was 2 - 6 cents below that average, the Nebraska panhandle reported prices near to above average. The Oklahoma/Texas panhandle, western Kansas and northeast Kansas showed basis levels that ranged from 6 to 10 cents above the three-year historical average.
| Wheat Basis | Wheat Basis Deviation |
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Click on map to enlarge image |
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Top of page
Grain Sorghum
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Grain Sorghum |
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Cash Price, $/bu. |
Basis, $/bu. |
Futures Price, $/bu. |
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Average |
$1.64 |
-$0.473 |
$2.11 |
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Minimum |
$1.10 |
-$1.007 |
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Maximum |
$2.27 |
-$0.018 |
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Number of Locations: |
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311 |
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Corn Futures: The CBT July 05 corn futures contract closed at $2.11 on 5/18/2005, a change from this time last month (4/20/2005) by $0.00/bu. The Wednesday close was -$0.88/bu from the same time last year (5/19/2004).
Grain Sorghum Basis: Cash prices averaged $1.64 across 311 locations and ranged from a high of $2.27 to a low of $1.10 /bu. Basis levels averaged -$0.473 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 -$0.10 from the three-year historical average across all locations. Basis deviation levels in Colorado and western Kansas were 5 to 6 cents weaker than average while Missouri was 2 to 9 cents stronger than the historical three-year average.
| Grain Sorghum Basis | Grain Sorghum Basis Deviation |
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Click on map to enlarge image |
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