Soy basis sinks at Iowa processor as harvest weather improves
SOYB•Soybean basis bids fell 125 cents a bushel at a Council Bluffs, Iowa, processor as drier weather helped harvesting pick up speed. Iowa’s soybean harvest was 5% complete and the national harvest was 25% complete, both below their five-year averages.
1. Basis and harvest progress
Spot soybean basis bids sank at a processor in Council Bluffs, Iowa, on Tuesday and were mostly steady elsewhere in the Midwest as drier weather allowed harvesting to accelerate after rain delays. The basis fell 125 cents a bushel at the Iowa processor.
2. Crop conditions
Iowa’s soybean harvest was 5% complete as of Sunday, compared with a 2021-2025 average of 38%; nationally, harvesting was 25% complete, against an average of 33%, the USDA said. Iowa Agriculture Secretary Mike Naig said warmer temperatures and sunshine were helping fields dry, though wetter areas could need several more days before equipment could enter. Traders have questioned whether rain reduced crop quality in some areas, and the USDA rated 54% of the corn crop good to excellent, down 3 percentage points from a week earlier.
