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| Table
2. Basis Improvement and Futures and Cash Prices
($/bu) for Selected Normal and Short Crop Years
for Central Ohio and Central Iowa. |
| |
Normal Crop
Years
|
Short Crop
Years
|
| |
Ohio
|
Ohio
|
Iowa
|
Ohio
|
Ohio
|
Iowa
|
| Crop Years |
1986
|
1994
|
1986
|
1988
|
1988
|
1993
|
| Average
Nearby Basis ($) |
| Harvest |
-0.17
|
-0.24
|
-0.40
|
-0.03
|
-0.34
|
-0.26
|
| January |
-0.08
|
-0.09
|
-0.26
|
-0.07
|
-0.34
|
-0.28
|
| March |
-0.09
|
-0.09
|
-0.24
|
-0.07
|
-0.28
|
-0.20
|
| May |
-0.06
|
-0.10
|
-0.28
|
-0.00
|
-0.20
|
-0.18
|
| July |
-0.04
|
-0.07
|
-0.24
|
-0.20
|
-0.17
|
-0.21
|
| Spreads at Harvest ($) (3) |
| Dec to Mar |
+0.10
|
+0.10
|
+0.10
|
+0.04
|
+0.04
|
+0.05
|
| Dec to May |
+0.16
|
+0.18
|
+0.16
|
+0.07
|
+0.07
|
+0.09
|
| Dec to July |
+0.18
|
+0.24
|
+0.18
|
+0.05
|
+0.05
|
+0.10
|
| Dec to Sept |
+0.18
|
+0.29
|
+0.18
|
-0.14
|
-0.14
|
-0.01
|
| Basis Improvement ($) |
| Harv. to Jan |
+0.19
|
+0.25
|
+0.24
|
+0.00
|
+0.04
|
+0.03
|
| Harv. to Mar |
+0.24
|
+0.33
|
+0.32
|
+0.03
|
+0.13
|
+0.15
|
| Harv. to May |
+0.29
|
+0.38
|
+0.30
|
+0.08
|
+0.19
|
+0.18
|
| Harv. to July |
+0.31
|
+0.46
|
+0.34
|
-0.31
|
+0.03
|
+0.04
|
| Futures Prices at Harvest ($) |
| December |
1.69
|
2.15
|
1.69
|
2.78
|
2.78
|
2.64
|
| March |
1.79
|
2.25
|
1.79
|
2.82
|
2.82
|
2.69
|
| May |
1.85
|
2.33
|
1.85
|
2.85
|
2.85
|
2.73
|
| July |
1.87
|
2.39
|
1.87
|
2.83
|
2.83
|
2.74
|
| Average Cash Prices ($) |
| Harvest |
1.52
|
1.92
|
1.30
|
2.75
|
2.44
|
2.36
|
| January |
1.48
|
2.24
|
1.30
|
2.70
|
2.44
|
2.74
|
| March |
1.50
|
2.36
|
1.35
|
2.72
|
2.48
|
2.60
|
| May |
1.85
|
2.51
|
1.63
|
2.71
|
2.50
|
2.43
|
| July |
1.68
|
2.80
|
1.47
|
2.68
|
2.31
|
1.75
|
|