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Corn futures stayed fairly steady during the beginning of the 15-16 year. The last quarter of the year saw a sharp jump in prices during the summer months per usual, and a large decline as fall neared. Basis started out low with an even lower drop throughout September. As the basis raised, it hit a plateau in the late December / early March futures, then hit a sudden drop again shortly after. Throughout the middle of the year, the basis remained fairly steady, with a few small ups and downs. After a slightly wider dip in the May futures, basis began to strengthen again in the late summer months, then dropped again heading into the fall. |
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The futures prices started out low in the fall, and started to rise towards the end of the March futures. The highest price for beans occurred in June, and the prices began to fall again as we neared the fall months. The basis started out strong in the beginning months and had an extreme drop during harvest. The basis began to regain itself throughout the March futures, but then had another decline in shortly after that ended During the June. The basis then began to increase again as fall got closer. |
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The futures prices started off and had a gradual increase throughout the year, along with a few dips here and there. The highest point was during June, but there was a drop in the prices just before that as well. Towards the end of August and the last of the year, there was a sudden rise in the prices, which is not what is usually observed heading into the harvest months. Basis started out with a heavy drop during harvest, but it eventually regained its strength in November. Although the basis remained fairly strong, there were several large drops to it from then on until April and May when it began a more constant pattern of decline that lasted through the June as well. To end the year, there was another sudden drop of the basis in August.
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Harvest began with the November futures fluctuating until it began a steadier rise in as we neared the January futures. This year’s high occurred during the middle of the March futures (late January, early February) and began to decline from there. Around March, a more drastic drop took place. An extreme sudden rise occurs in June, but the prices still don’t get back to what they were at in the spring. The price then begins to decrease again as the harvest months get closer. Basis started at its strongest it would be all year. By December, it had weakened significantly. After rising and falling once more, the March futures months began a steady strengthening of the basis. There was a significant drop in the month of July, but it returned to its previous level towards the end of the year.
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The December futures started the 17-18 corn out with a steady decline, followed by a slightly more significant drop and a rise around December. The highest prices occurred throughout the May futures, slightly earlier in the year than trend shows. Prices plummeted in May and June, recovering in August before they dropped again for harvest. Basis started out with a slight increase, but weakened as the December futures continued. From November to December, a strengthening in the basis can be seen. The strongest basis occurred towards the end of the March futures. Basis for the rest of the year fluctuated in smaller amounts. |
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Soybeans had a fairly steady futures market for the 17-18 year. The highest prices occurred at the end of February and the beginning of March, but they stayed fairly high until a severe drop throughout the July futures. Prices rose again in the late summer months, but not for long before they dropped again anticipating the harvest. Basis started the year off fairly strong but weakened substantially by the end of the November futures. January saw basis at its strongest, but there was another jump in March as well. After evening out throughout the summer months, there was a small strengthening in the basis before having a rapid decline for fall. |
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