DTN Daily Basis Comments
Monday Morning Basis Comments
DAILY BASIS AND CASH INDEX SUMMARY:
The national average basis for corn was 1 cent weaker at 26 cents over the December futures contract, while the DTN National Corn Index was up 16 cents at $7.11. The national average basis for soybeans was 3 cents weaker at 10 cents over the November futures contract while the DTN National Soybean Index was up 23 cents at $14.22. The national average basis for hard red winter (HRW) wheat was 1 cent stronger at 42 cents under the December futures contract and the DTN National Hard Red Winter Wheat Index was up 37 cents at $8.87. The national average basis for hard red spring (HRS) wheat was 3 cents stronger at 55 cents under the December futures contract and the DTN National Hard Red Spring Wheat Index was up 32 cents at $8.73.
| DTN Cash | Change From | National | Contract | Change from | |
| Commodity | Index | Prev Day | Avg. Basis | Month | Prev Day |
| Corn: | $7.11 | $0.16 | $0.26 | Dec | -$0.009 |
| Soybeans: | $14.22 | $0.23 | $0.10 | Nov | -$0.031 |
| SRW Wheat: | $8.04 | $0.39 | -$0.66 | Dec | -$0.020 |
| HRW Wheat: | $8.87 | $0.37 | -$0.42 | Dec | $0.010 |
| HRS Wheat: | $8.73 | $0.32 | -$0.55 | Dec | $0.032 |
CORN:
The national average corn basis for Friday is 26 cents over the December futures, 1 cent weaker than Thursday's basis.
Track PNW basis for November is still at +160Z and December is steady at +168Z. CIF NOLA for September is at +120Z, while track St. Louis is 2 cents weaker at +58U for September. Cedar Rapids, Iowa, is still bidding +130Z; Fort Dodge, Iowa, is at 10 cents stronger +75Z, while Council Bluffs, Iowa is 5 cents weaker at +70Z; and Blair, Nebraska, is 5 cents weaker at +60Z. BNSF secondary shuttle freight for returns is bid $200 under against no offers and September is bid $150 under against offers of tariff and new-crop October is bid at $1500 over against offers of $2000 over. UP secondary freight for returns is bid $500 under against offers of 200 under, September is no bid against offers of $200 over and October is bid $2000 over against offers of $3000 over.
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SOYBEANS:
The national average soybean basis for Friday is 10 cents over the November futures, 3 cents weaker than Thursday's basis. Track PNW basis for the first-half September is 25 cents weaker at +250X and last-half September is 25 cents weaker at +225X. CIF NOLA basis is actually posted at +195X for September, with spot barges afloat filled with good quality beans bid +350X and balance of September is at +300X. Track St. Louis is 5 cents weaker at +200X for first-half September. Barge freight is higher in the mid-Mississippi and Illinois River corridors. River basis in the mid-Mississippi is 15 cents weaker at +80X, and 10 cents weaker at +150X just north of St. Louis on the Mississippi River, while basis on the Illinois River is 10 cents stronger at +110X. The river at St. Louis is at 0.56 feet and is expected to rise to 2.2 feet by the weekend and then fall. Levels at Memphis are 0.62 feet and expected to fall to -5 feet next week. Reduced barge drafts will continue to be imposed.
SOFT RED WINTER WHEAT:
The national average SRW wheat basis for Friday is 66 cents under the December futures, 2 cents weaker than Thursday's basis.
HARD RED WINTER WHEAT:
The national average HRW wheat basis for Friday is 42 cents under the Kansas City December futures, 1 cent stronger than Thursday's basis. The KC spot protein premiums for ordinary protein through 11.4% was unchanged at +150Z, and 11.6% through 12.8% was unchanged at +136Z, and 13% through 14% was unchanged at +125. Mills are still looking to buy the lower proteins.
HARD RED SPRING WHEAT:
The national average HRS wheat basis for Friday is 55 cents under the Minneapolis December futures, 3 cents stronger than Thursday's basis. The Minneapolis spot spring wheat cash premiums closed as follows, based on Minneapolis December futures: 12% proteins were not quoted, 13% proteins were not quoted, 13.5% proteins were down 15 cents at +75, 14% proteins were not quoted, 14.5% proteins were up 35 cents to up 10 cents at +120, 15% proteins were unchanged to up 10 cents at +110N to 170, and 16% proteins were at +125. Wheat receipts on the exchange floor were 19 cars, which included zero 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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