DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was 1 cent stronger at 10 cents under the July futures contract, while the DTN National Corn Index was up 6 cents at $7.13. The national average basis for soybeans was 1 cent weaker at 48 cents under the July futures contract while the DTN National Soybean Index was down 12 cents at $15.88. The national average basis for hard red winter (HRW) wheat was 5 cents weaker at 77 cents under the July futures contract while the DTN National Hard Red Winter Wheat Index was up 54 cents at $10.67. The national average basis for hard red spring (HRS) wheat was 1 cent weaker at 53 cents under the July futures contract while the DTN National Hard Red Spring Wheat Index was up 37 cents at $10.42.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$7.13	$0.06	-$0.10	Jul	$0.012
Soybeans:	$15.88	-$0.12	-$0.48	Jul	-$0.008
SRW Wheat:	$10.14	$0.39	-$1.13	Jul	-$0.181
HRW Wheat:	$10.67	$0.54	-$0.77	Jul	-$0.043
HRS Wheat:	$10.42	$0.37	-$0.53	Jul	-$0.007

CORN:

The national average corn basis for Tuesday is 10 cents under the July futures, 1 cent stronger than Monday's basis. Track PNW shuttle basis was steady for March at +170K, while CIF NOLA was weaker at +120K for March. BNSF secondary shuttle freight continues to show no offers right now as bids are still high with March at $1,500 per car over tariff. Service issues are likely one reason offers are nonexistent. On a different issue concerning rail service, FreightWaves reported Wednesday morning that according to the Canadian Pacific and the Teamsters Canada Rail Conference, they are still negotiating over the terms of a new collective agreement. The TCRC needs to give 72-hour notice ahead of a work stoppage and so far, that has not been announced. River basis is still weak as barge freight prices rose last week and ethanol plant basis continues to be firm as production continues to ramp up.

SOYBEANS:

The national average soybean basis for Tuesday is at 48 cents under the July futures, 1 cent weaker than Monday's basis. Track PNW basis is steady for August at +185N, while CIF NOLA basis is weaker at +125K for March and track St. Louis was 1 cent weaker. River conditions on the Ohio River, currently in minor flood stage, may improve as the water levels are expected to slowly recede by the end of March. In the St. Louis Harbor, USCG issued navigational guidance related to daily closures to transit 0900 -- 1400 March 18 to April 18 due to High Line repairs, which will drive 6 hours of delay to operations, according to American Commercial Barge Line. Barge freight has finally moved off the highs of last week and trading so far this week has been quiet.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Tuesday is at $1.13 under the July futures, 18 cents weaker than Monday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Tuesday is at 77 cents under the Kansas City July futures, 5 cents stronger than Monday's basis. The KC spot milling market reported higher trades Tuesday for 12.6% though 14%, up 20 cents at +120K. The cash markets were sharply higher as uncertainty remains over wheat exports out of Russia as the war in Ukraine continues.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Tuesday is at 53 cents under the Minneapolis July futures, 1 cent weaker than Monday's basis. The Minneapolis spot spring wheat cash premiums closed as follows, based on Minneapolis July futures: 12% proteins were not quoted, 13% proteins were not quoted, 13.5% proteins were not quoted, 14% proteins were up unchanged at +95N to +150N, 14.5% proteins were unchanged to down 20 cents at +130*, 15% proteins were down 30 cents to unchanged at +150A to +180, and 16 proteins were unchanged at +90N. Wheat receipts on the exchange floor were 60 cars, which included one train(s).* MGEX Daily Grain Prices are Delivered Chicago/Beyond: Spot No. 1 Milling Northern/Dark Northern Spring Wheat.

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

Follow her on Twitter @MaryCKenn

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