DAILY BASIS AND CASH INDEX SUMMARY:
The national average basis for corn was 1 cent weaker at 14 cents under the May futures contract, while the DTN National Corn Index was down 36 cents at $6.42. The national average basis for soybeans was 1 cent weaker at 49 cents under the May futures contract while the DTN National Soybean Index was down 70 cents at $15.36. The national average basis for hard red winter (HRW) wheat was 1 cent weaker at 19 cents under the May futures contract while the DTN National Hard Red Winter Wheat Index was down 76 cents at $8.72. The national average basis for hard red spring (HRS) wheat was unchanged at 24 cents under the May futures contract and the DTN National Hard Red Spring Wheat Index was down 60 cents at $9.36.
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The national average corn basis for Friday is 14 cents under the May futures, 1 cent weaker than Thursday's basis. Track PNW shuttle basis was 5 cents stronger at +140K for March, while CIF NOLA corn was stronger as the war in Ukraine continued as traders expect more business because of it. BNSF secondary shuttle freight for March turned higher with bids at $100 over against no offers and UP secondary freight is bid at $350 over for March against no offers. Corn basis in the country is mixed, with southeast South Dakota 5 cents weaker, east central Iowa 1 cent stronger, north central Nebraska 1 cent weaker, southeastern Illinois 10 cents stronger, west central Illinois 5 cents stronger, with other Midwest areas mostly unchanged.
The national average soybean basis for Friday is at 49 cents under the May futures, 1 cent weaker than Thursday's basis. Track PNW shuttle basis is still hibernating until Sept, but basis in that timeslot was 2 cents stronger at +212X and October is 2 cents stronger at +207X. CIF NOLA basis was 10 cents stronger at +100H, even as barge freight rose on Friday due to the sudden demand for corn at the Gulf. The Ohio River at Cairo is expected to crest at 46 feet next week and The Illinois River also remains in flood stage. The Mississippi River at Vicksburg has been rising and is expected to reach 40 feet above the action stage by the second week of March. Tows might be subject to daylight only transit through the bridge there as the water rises.
SOFT RED WINTER WHEAT:
The national average SRW wheat basis for Friday is at 41 cents under the May futures, 2 cents weaker than Thursday's basis. The ongoing war in the Ukraine is pushing the wheat markets higher as traders look at the possibility of U.S. wheat replacing some of the Ukraine obligations. Yes, our wheat is expensive given the high freight costs, but it's likely EU wheat will also rise in cost. Domestic U.S. basis levels were weaker Friday as the very strong flat price has pressured bids.
HARD RED WINTER WHEAT:
The national average HRW wheat basis for Friday is at 19 cents under the Kansas City May futures, 1 cent weaker than Thursday's basis.
HARD RED SPRING WHEAT:
The national average HRS wheat basis for Friday is at 24 cents under the Minneapolis May futures, unchanged from Thursday's basis. The Minneapolis spot spring wheat cash premiums closed as follows, based on Minneapolis May futures: 12% proteins were not quoted, 13% proteins were not quoted, 13.5% proteins were not quoted, 14% proteins were at +180K, 14.5% proteins were unchanged at +110N, 15% proteins unchanged at +126N to +200, and 16 proteins were not quoted. Wheat receipts on the exchange floor were 28 cars, which included zero train(s).* MGEX Daily Grain Prices are Delivered Chicago/Beyond: Spot No. 1 Milling Northern/Dark Northern Spring Wheat.
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