DTN Daily Basis Comments

Tuesday Morning Basis Comments

Mary Kennedy
By  Mary Kennedy , DTN Basis Analyst
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DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was 6 cents weaker at 5 cents under the December futures contract, while the DTN National Corn Index was down 4 cents at $6.75. The national average basis for soybeans was 2 cents weaker at 49 cents under the November futures contract and the DTN National Soybean Index was up 7 cents at $13.25. The national average basis for hard red winter (HRW) wheat was unchanged at 42 cents under the December futures contract and the DTN National Hard Red Winter Wheat Index was down 4 cents at $9.46. The national average basis for hard red spring (HRS) wheat was 4 cents weaker at 56 cents under the December futures contract and the DTN National Hard Red Spring Wheat Index was down 6 cents at $9.24.

DTN Cash Change From National Contract Change from
Commodity Index Prev Day Avg. Basis Month Prev Day
Corn: $6.75 -$0.03 -$0.05 Dec -$0.064
Soybeans: $13.25 $0.07 -$0.49 Nov -$0.022
SRW Wheat: $8.52 -$0.08 -$0.60 Dec $0.011
HRW Wheat: $9.46 -$0.03 -$0.42 Dec -$0.005
HRS Wheat: $9.24 -$0.06 -$0.56 Dec -$0.035

CORN:

The national average corn basis for Monday is 5 cents under the December futures, 6 cents weaker than Friday's basis. Track PNW basis for November is steady at +160Z and December is steady at +168Z. First-half October CIF NOLA is at +130Z and last half October is at +118Z, while track St. Louis has fallen to -15Z for first-half October and -20Z for last-half October as low water and higher barge freight continue to pressure most of the river basis. Cedar Rapids, Iowa, is at -15Z; Fort Dodge, Iowa, is 25 cents weaker at +15Z; Council Bluffs, Iowa, is steady at +33Z; and Blair, Nebraska, is 5 cents weaker at +35Z. BNSF secondary shuttle freight for October is bid at $1800 over against no offers and November is bid $900 over against offers of $1500 over. UP secondary freight for returns is bid $2000 over against no offers, October is bid $1800 over against no offers and November is bid $500 over against offers of $1100 over.

SOYBEANS:

The national average soybean basis for Monday is 49 cents under the November futures, 2 cents weaker than Friday's basis.

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Track PNW basis for first-half October is steady at +190X, while CIF NOLA basis for first-half October at +175X and +170X for last-half October. Track St. Louis has fallen to -60X for October. River basis in the mid-Mississippi at Burlington is at -45X and -10X just north of St. Louis on the Mississippi River at Quincy, while basis on the Illinois River at Havana is steady at -25X. Barge freight continues to surge -- 2000%/2200% at St. Louis; 1750%/2000% in the Upper Mississippi River and the Illinois River; 2000%/2400% in the Ohio River; and 2200%/2500% in the Memphis Through Cairo Terms corridor. Thomas Russell, Russell Marine Group said the most problematic area on the Mississippi River is the center of the LMR between mile 700 and 400. The most recent grounding occurred at mile 484 last Friday whereby both northbound and southbound traffic had to be stopped for dredging to take place. There are approximately 45 southbound and 45 northbound tows stopped waiting passage. Test tows were scheduled to try passage through last night, and traffic will be allowed to resume on 10/4/22 if all goes well." Read more here at:

https://www.dtnpf.com/…

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Monday is 60 cents under the December futures, 1 cent weaker from Friday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Monday is 42 cents under the Kansas City December futures, unchanged from Friday's basis. The KC spot protein premium is firm with ordinary protein through 12.6% at +180Z and 12.8% through 14% unchanged at +160. Texas Gulf 11% protein was steady at +230 and PNW 11.5% was 10 cents weaker at +250. U.S. HRW planting continues with much of the Southern Plains still experiencing dry weather and poor soil moisture readings.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Monday is 56 cents under the Minneapolis December futures, 4 cents weaker 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 +85N to +95*, 14% proteins were unchanged at +105N to +175N, 14.5% proteins were unchanged at +100N, 15% proteins were unchanged at +130N to 205N, and 16% proteins were at +125. Wheat receipts on the exchange floor were 9 cars, which included zero 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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Mary Kennedy

Mary Kennedy
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