DTN Daily Basis Comments

DTN National Average Basis Reacts to Disruption in Thursday Markets

Mary Kennedy
By  Mary Kennedy , DTN Basis Analyst
Connect with Mary:

DAILY BASIS AND CASH INDEX SUMMARY:

There are some wild swings in DTN national average basis Thursday, with markets reacting to Russia invading Ukraine. Much of it, especially the winter wheats, is due to the limit up futures in Chicago wheat and the "almost" limit up futures in KC wheat. Minneapolis wheat was only up 29 cents, but today the Minneapolis spot market moved to the May as did PNW corn basis at some export houses and that can mess things up until we are all on the same page. Friday evening basis for Feb. 25 will have all basis moved to the May given first notice day is Monday, Feb. 28.

DTN Cash Change From National Contract Change from
Commodity Index Prev Day Avg. Basis Month Prev Day
Corn: $6.77 $0.06 -$0.18 Mar -$0.056
Soybeans: $16.06 -$0.20 -$0.55 Mar -$0.063
SRW Wheat: $8.96 $0.57 -$0.30 Mar $0.071
HRW Wheat: $9.48 $0.44 -$0.15 Mar -$0.057
HRS Wheat: $9.96 $0.12 -$0.34 Mar -$0.172

CORN:

The national average corn basis for Thursday is 18 cents under the March futures, 6 cents weaker than Wednesday's basis.

SOYBEANS:

The national average soybean basis for Thursday is at 55 cents under the March futures, 6 cents weaker than Wednesday's basis.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Thursday is at 30 cents under the March futures, 8 cents stronger than Wednesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Thursday is at 15 cents under the Kansas City March futures, 6 cents weaker than Wednesday's basis.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Thursday is at 34 cents under the Minneapolis March futures, 17 cents weaker than Wednesday's basis.

Mary Kennedy can be reached at mary.kennedy@dtn.com

Follow her on Twitter @MaryCKenn

Mary Kennedy

Mary Kennedy
Connect with Mary: