DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was 1 cent weaker at 13 cents over the December futures contract, while the DTN National Corn Index was up 13 cents at $7.05. The national average basis for soybeans was 4 cents weaker at 28 cents under the November futures contract and the DTN National Soybean Index was up 14 cents at $14.51. The national average basis for hard red winter (HRW) wheat was unchanged at 42 cents under the December futures contract while the DTN National Hard Red Winter Wheat Index was up 53 cents at $9.21. The national average basis for hard red spring (HRS) wheat was unchanged at 53 cents under the December futures contract and the DTN National Hard Red Spring Wheat Index was up 41 cents at $9.07.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$7.05	$0.13	$0.13	Dec	-$0.010
Soybeans:	$14.51	$0.14	-$0.28	Nov	-$0.033
SRW Wheat:	$8.32	$0.66	-$0.62	Dec	$0.031
HRW Wheat:	$9.21	$0.53	-$0.42	Dec	$0.001
HRS Wheat:	$9.07	$0.41	-$0.53	Dec	-$0.001

CORN:

The national average corn basis for Tuesday is 13 cents over the December futures, 1 cent weaker than Monday's basis.

Track PNW basis for November is steady at +155Z and December is at +160Z. CIF NOLA for September is 5 cents weaker at +120Z, while track St. Louis is 16 cents weaker at +20Z for September and 7 cents weaker at +10Z for October. Cedar Rapids, Iowa, is 12 cents stronger at +60Z through this week; Fort Dodge, Iowa, is steady at +85Z for September and +25Z for first half October; Council Bluffs, Iowa, is steady at +60Z; and Blair, Nebraska, is steady at +40Z for balance September and +15Z for Oct. 1-10. Basis levels are still decent considering harvest is near, especially post-harvest. BNSF secondary shuttle freight for September is no bid against offers of $300 and new-crop October is bid at $1200 over against offers of $1800 over. UP secondary freight is not bid or offered for Sepember. and October is bid $1000 over against offers of $2000 over.

SOYBEANS:

The national average soybean basis for Tuesday is 28 cents under the November futures, 4 cents weaker than Monday's basis. Track PNW basis for last-half September is steady at +195X and first-half October is steady at +175X, while last half October is +185X. CIF NOLA basis is 10 cents stronger at +170X for September and 5 cents stronger +110X for October. There are still higher spot bids for loaded barges with top-quality beans that will arrive at the Gulf by Friday. Track St. Louis is weaker at +40X for spot beans and 7 cents weaker at +10X for October. River basis in the mid-Mississippi is 5 cents weaker at -10X and at +60X just north of St. Louis on the Mississippi River, while basis on the Illinois River is at +26X. The pressure is on basis as harvest is beginning and expected to move along this week. The river at St. Louis is at 1.58 feet above zero gauge and is expected to fall to -1.5 feet by early October. Levels at Memphis are -5.3 feet and expected to fall to -6.5 feet by early October. Reduced barge drafts continue to be in force in most of the lower Mississippi and barge lines are concerned about groundings.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Tuesday is 62 cents under the December futures, 3 cents stronger than Monday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Tuesday is 42 cents under the Kansas City December futures, unchanged from Monday's basis. The KC spot protein premiums were under pressure given the sharply higher flat price at the end of the day. Ordinary protein through 11.8% was down 10 cents at +140Z, 12% through 12.6% was down 8 cents at +142 and 12.8% through 14% was down 1 cent at +142. Texas Gulf 11% protein was 15 cents higher at +230 and PNW 11.5% was up 25 cents at +260. SWW planting in the PNW has started and SRW is just beginning as well, while the dry conditions in the Southern Plains are not deterring farmers from planting.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Tuesday is 53 cents under the Minneapolis December futures, unchanged from Monday'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 up 15 cents at +115* to +120*, 14% proteins were unchanged at +110N to +150N, 14.5% proteins were down 5 cents to unchanged at +95 to +125N, 15% proteins were unchanged at +110N to 170N, and 16% proteins were unchanged at +160N. Wheat receipts on the exchange floor were 61 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

Follow her on Twitter @MaryCKenn

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