Corn and soybean basis found some modest improvements in the last week as struggling futures and higher Gulf bids helped boost interior basis levels.

Basis levels for corn were up modestly, posting a 1-cent improvement for the week. Gulf corn basis was up 7 cents on the week, which helped spurn bids along the River system this week. The Southeast and eastern seaboard were slightly weaker for the week.

For beans, basis levels firmed with average basis levels increasing by 5 cents a bushel. At the Gulf, bean basis levels climbed 10 cents a bushel. With front-month futures moving sharply lower, especially in the deliverable August contract, cash and futures prices are starting to be more in sync. The effect should be more normal bean basis patterns heading into harvest, although the bias will still be for lower basis.

Corn and soybean basis found some modest improvements in the last week as struggling futures and higher Gulf bids helped boost interior basis levels.