A new web-based tool that provides agricultural producers with access to weekly historical and contemporaneous corn and soybean basis data for local market regions in the eastern corn belt was just announced by Purdue University’s Center for Commercial Agriculture. The Crop Basis Tool, available on the center’s home page as well as the Managing Farm Risk website, is a collaboration between the North Central Extension Risk Management Education Center and the Purdue Center for Commercial Agriculture.
“In this time of tight margins, the Crop Basis Tool allows farmers to examine weekly nearby and deferred basis for corn and soybeans in their local market region which can be very helpful when planning for and mitigating risk,” said Nathan Thompson, professor of agricultural economics and co-creator of the Purdue Center for Commercial Agriculture’s Crop Basis Tool.
The easy-to-use tool is updated weekly and allows users to pull historical basis data from regions within Indiana, Illinois, Michigan, and Ohio. Users can narrow the data by selecting the futures contract month and the crop year(s) dating back to 2004. Results are placed in a chart that users can download.
“The Crop Basis Tool is really about giving producers more information. It gives them a better understanding of the risks they face and helps them develop an integrated approach to managing it,” said Thompson. “It’s a powerful resource that farmers can add to their tool belt.”