DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was 1 cent weaker at 8 cents over the December futures contract, while the DTN National Corn Index was down 12 cents at $6.74. The national average basis for soybeans was 2 cents weaker at 37 cents under the November futures contract and the DTN National Soybean Index was down 16 cents at $13.75. The national average basis for hard red winter (HRW) wheat was 2 cents stronger at 42 cents under the December futures contract while the DTN National Hard Red Winter Wheat Index was down 19 cents at $8.88. The national average basis for hard red spring (HRS) wheat was 4 cents stronger at 53 cents under the December futures contract and the DTN National Hard Red Spring Wheat Index was down 15 cents at $8.78.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$6.74	-$0.12	$0.08	Dec	-$0.018
Soybeans:	$13.75	-$0.16	-$0.37	Nov	-$0.011
SRW Wheat:	$7.93	-$0.22	-$0.65	Dec	$0.003
HRW Wheat:	$8.88	-$0.19	-$0.42	Dec	$0.022
HRS Wheat:	$8.78	-$0.15	-$0.53	Dec	$0.033

CORN:

The national average corn basis for Monday is 8 cents over the December futures, 1 cent weaker than Friday's basis. Track PNW basis for November is steady at +160Z and December is steady at +168Z. CIF NOLA for September is steady at +140Z and +114Z for October, while track St. Louis is unchanged at +30Z for September and +18Z for October. Cedar Rapids, Iowa, is steady at +65Z for September; Fort Dodge, Iowa, is steady at +75Z for September; Council Bluffs, Iowa, is 10 cents weaker at +55Z; and Blair, Nebraska, is steady at +40Z for balance September. Even as harvest starts to move along, spot basis levels nearby remain strong and since it is likely much of the new-crop corn will be stored, there are already bids for November forward showing a carry. BNSF secondary shuttle freight for October is bid at $600 over against offers of $1000 over. UP secondary freight for returns is bid $300 over against no offers and October is bid $600 over against offers of $1000 over.

SOYBEANS:

The national average soybean basis for Monday is 37 cents under the November futures, 2 cents weaker than Friday's basis. Track PNW basis for this week September is 5 cents stronger at +200X and first-half October steady at +190X. CIF NOLA basis is 10 cents stronger at +190X for September, with another exporter bidding +205 for this week and 20 cents stronger at +160X for first 10 October. Track St. Louis is 10 cents stronger at +50X for spot beans and +30X for first-half October. River basis in the mid-Mississippi at Burlington is steady at +18X and 20 cents weaker at +40X just north of St. Louis on the Mississippi River at Quincy, while basis on the Illinois River at Havana is 2 cents weaker at -10X. Barge freight at St. Louis, the Illinois River and Ohio River corridors continues higher again for balance of September and October at 1000% to as high as 1400% of tariff in each corridor. Barges are not readily available as harvest picks up and empties are still in the hands of many shippers, while the demand is big in the south right now. The river at St. Louis is at -1.03 feet below zero gauge and is expected to fall to -2.2 feet by mid-October. Levels at Memphis are -6.18 feet Tuesday and expected to fall to -10.8 feet by Oct. 10. Reduced barge drafts and reduced tow sizes in some spots continue to be in force in most of the lower Mississippi and will slow -- and eventually might stop -- traffic. https://www.dtnpf.com/…

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Monday is 65 cents under the December futures, 1 cent stronger than Friday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Monday is 42 cents under the Kansas City December futures, 2 cents stronger than Friday's basis. The KC spot protein premiums were higher for the lower protein as mills were happy to see low-pro cars for sale Monday. Ordinary protein through 11.8% was up 20 cents at +160Z; 12% through 12.6% unchanged at +152; and 12.8% through 14% was unchanged at +142. Texas Gulf 11% protein was steady at +230 and PNW 11.5% was steady at +260. Planting progress and weather will be a few of the key things to watch now.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Monday is 53 cents under the Minneapolis December futures, 4 cents stronger than Friday'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 unchanged at +105N to +140N, 14% proteins were down 55 cents to unchanged at +115 to +180, 14.5% proteins were not quoted, 15% proteins were unchanged at +170N to 210, and 16% proteins were not quoted. Wheat receipts on the exchange floor were 59 cars, which included two train(s).* Bid (B), Ask(A), Nominal(N). 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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