DTN Daily Basis Comments
Friday Morning Basis Comments
DAILY BASIS AND CASH INDEX SUMMARY:
The national average basis for corn was 2 cents weaker at 27 cents over the December futures contract, while the DTN National Corn Index was down 4 cents at $6.96. The national average basis for soybeans was 2 cents weaker at 13 cents over the November futures contract while the DTN National Soybean Index was up 1 cent at $13.99. The national average basis for hard red winter (HRW) wheat was 1 cent weaker at 43 cents under the December futures contract while the DTN National Hard Red Winter Wheat Index was down 10 cents at $8.50. The national average basis for hard red spring (HRS) wheat was 4 cents weaker at 58 cents under the December futures contract while the DTN National Hard Red Spring Wheat Index was down 6 cents at $8.40.
DTN Cash | Change From | National | Contract | Change from | |
Commodity | Index | Prev Day | Avg. Basis | Month | Prev Day |
Corn: | $6.96 | -$0.04 | $0.27 | Dec | -$0.019 |
Soybeans: | $13.99 | $0.01 | $0.13 | Nov | -$0.020 |
SRW Wheat: | $7.65 | -$0.18 | -$0.64 | Dec | -$0.029 |
HRW Wheat: | $8.50 | -$0.10 | -$0.43 | Dec | -$0.013 |
HRS Wheat: | $8.40 | -$0.06 | -$0.58 | Dec | -$0.040 |
CORN:
The national average corn basis for Thursday is 27 cents over the December futures, 2 cents weaker than Wednesday's basis. Track PNW basis for November remains steady at +160Z and December is steady at +168Z. CIF NOLA for September is at +125Z, while track St. Louis is steady at +60U for September. Starting to see some of the stronger basis levels for next week fade, but there are a few plants still pushing for spot corn. BNSF secondary shuttle freight for September is bid $200 over against offers of $800 over and new-crop October is bid at $1500 over against offers of $1900 over. UP secondary freight for September is bid $100 over against no offers and October is bid $2000 over against offers of $3000 over.
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SOYBEANS:
The national average soybean basis for Thursday is 13 cents over the November futures, 2 cents weaker than Wednesday's basis. Track PNW basis for first-half September is steady at +275X and last-half September is steady at +250X. CIF NOLA basis is posted at +190X for September and still hearing higher spot basis of +325Z for afloat barges, while track St. Louis is steady at +205X for first-half September. Barge freight is higher up in the mid-Mississippi and Illinois River corridors. River basis in the mid-Mississippi is 33 cents weaker at +95X, and 10 cents stronger at +160X just north of St. Louis on the Mississippi River, while basis on the Illinois River is 25 cents weaker at +100X. The river at St. Louis is at 0.18 feet and falling below zero gauge by the weekend. Dredging operations continue in the harbor to maintain traffic channels and in parts of the lower Mississippi as well. Levels at Memphis are -0.6 feet below zero gauge and expected to rise to 1.4 feet next week and then fall again. Reduced barge drafts will continue to be imposed.
SOFT RED WINTER WHEAT:
The national average SRW wheat basis for Thursday is 64 cents under the December futures, 3 cents weaker than Wednesday's basis.
HARD RED WINTER WHEAT:
The national average HRW wheat basis for Thursday is 43 cents under the Kansas City December futures, 1 cent weaker than Wednesday's basis. The KC spot protein premiums for low protein were higher as mills need to blend off the higher protein new crop. Ordinary protein through 11.4% was up 14 cents at +150Z, and 11.6% through 12.8% was unchanged at +136Z, and 13% through 14% was down 1 cent at +125. There is talk of HRW wheat trading to a Texas feedlot as corn is not available in many areas there. Texas Gulf 11% protein basis is steady at +230Z and PNW 11.5% is steady at +235Z.
HARD RED SPRING WHEAT:
The national average HRS wheat basis for Thursday is 58 cents under the Minneapolis December futures, 4 cents weaker than Wednesday'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 at +95 to +100, 14% proteins were unchanged to up 10 cents at +95N to +150, 14.5% proteins were not quoted, 15% proteins were unchanged at +110N to 160, and 16% proteins were not quoted. Wheat receipts on the exchange floor were 80 cars, which included two 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
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