U.S. soybean harvest reached 94% completed this week while just over two-thirds of the corn crop has been cut. The result was a mixed bag in cash markets this week with soybeans posting a 2-cent gain while corn was weaker by just less than a penny a bushel.

In the corn market, weakness was especially prevalent in the northern Plains and Eastern Corn Belt as farmers in these areas continued to harvest considerable acreage. Around the southern sections of the country, basis levels were firmer buoyed by weaker barge rates.

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For soybeans, the market seems to have mostly digested the harvest pressure and is poised to see some seasonal strength. U.S. average soybean basis was up nearly two cents a bushel for the week, but even better gains were occurring along the river terminal markets thanks to falling barge costs.

We could see another week or so of harvest pressure in the corn market in northern areas where harvest is still in full swing. But, most of the harvest pressure is behind us, and looking back it was a rather mild basis decline thanks to the prolonged harvest season. We would expect to see healthy advances in corn basis this season with ample corn supplies being put into storage, and falling futures prices keeping farmers from actively marketing in the cash market.