DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn is 1 cent weaker at 7 cents over the March futures contract, while the DTN National Corn Index is unchanged at $6.91. The national average basis for soybeans is 1 cent weaker at 32 cents under the March futures contract while the DTN National Soybean Index is up 25 cents at $15.04. The national average basis for hard red winter (HRW) wheat is 2 cents stronger at 31 cents under the March futures contract and the DTN National Hard Red Winter Wheat Index is up 6 cents at $8.43. The national average basis for hard red spring (HRS) wheat is 3 cents stronger at 20 cents under the March futures contract and the DTN National Hard Red Spring Wheat Index is up 3 cents at $9.01.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$6.91	$0.00	$0.07	Mar	-$0.004
Soybeans:	$15.04	$0.25	-$0.32	Mar	-$0.003
SRW Wheat:	$7.10	-$0.01	-$0.42	Mar	-$0.031
HRW Wheat:	$8.43	$0.06	-$0.31	Mar	$0.019
HRS Wheat:	$9.01	$0.03	-$0.20	Mar	$0.028

CORN:

The national average corn basis for Monday is 7 cents over the March futures, 1 cent weaker than Friday's basis. There is still no PNW basis bid for February, while March is at +140H and Hereford, Texas is bid +140H. CIF NOLA for February is steady at +89H, while track St. Louis is steady at +37H for February. The water level at St. Louis dropped like a rock and is at -1.28 below zero gauge now and dropping to -3 feet by next week, causing drats to go from 12' to 9'6". The gauge at Memphis is at +13.92 feet, and levels will rise to +14 feet by the weekend and then start to slowly fall. Processors' bids are steady, with Cedar Rapids, Iowa, is steady at -5H; Fort Dodge, Iowa, at +43H; Council Bluffs, Iowa, is 4 cents weaker at +38H; Blair, Nebraska, is – 5 cents weaker at +50H; Lincoln, Nebraska, at +30H; Hastings, Nebraska, at +10H; Columbus, Nebraska is 5 cents weaker at +40H; Mitchell, South Dakota, at +10H; Garden City, Kansas, at +115H; and Marshall, Minnesota, at +9H. BN secondary shuttle freight for returns are not bid or offered, while February is bid -$350 per car under tariff against offers of -$250 under. UP secondary freight for returns is not bid or offered, while February is bid -$400 under against offers of -$100 under.

SOYBEANS:

The national average soybean basis for Monday is 32 cents under the March futures, 1 cent weaker Friday's basis. The PNW basis for February forward shows no bid. CIF NOLA basis for February is 2 cents stronger at +112H, while track St. Louis is 4 cents stronger at +56H for first half February. River traffic at Lock 26 and 27 is still delayed but improving slightly, with ACBL saying Monday, "Lock 27 currently has 26 boats to lock (Current average delay per boat is 46 hours). Mel Price (26) currently has 1 boat to lock (Current average delay per boat 42 hours). River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is at +15H; while basis on the Illinois River at Havana, Illinois, is 3 cents stronger at +11H. Processor basis is mixed, with Mankato, Minnesota, at +5H for Feb.; Council Bluffs, Iowa, is steady at +35H for Feb.; Cedar Rapids, Iowa, is at -50H for Feb.; Sioux City is steady at +5H for Feb.; Volga, South Dakota, is 10 cents weaker at -25H for Feb.; Lincoln, Nebraska, at +40H for Feb. and Aberdeen, South Dakota, is 5 cents weaker at -35H for Feb.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Monday is 42 cents under the March futures, 3 cents weaker than Friday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Monday is 31 cents under the Kansas City March futures, 2 cents stronger than Friday's basis. The KC spot cash premiums were unchanged as no cars were reported for sale. The premium for ordinary protein was steady at +177, 11% through 11.8% protein is steady at +185, and 12% through 14% is steady at +190. The 11% protein bid at the Texas Gulf was steady at +180, and the PNW bid for 11.5% protein is at +200. Gulf track bid for ordinary protein is at +160 with a 1-cent premium for 11% through 11.8% and a 2-cent premium for 12%+ proteins. Export inspections reported Monday were pretty good, with spring wheat the winner of the day, followed by HRW wheat and then SRW wheat, with total 2022-23 inspections 2% above last year at this time.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Monday is 20 cents under the Minneapolis March futures, 3 cents stronger than Friday's basis. The Minneapolis spot spring wheat cash premiums closed as follows, based on Minneapolis March futures: 12% proteins were not quoted, 13% proteins were not quoted; 13.5% proteins were at +100*; 14% proteins were unchanged to down 20 cents at +135N to +200; 14.5% proteins were up 10 cents at +150*; 15% proteins were down 5 cents to down 40 cents at +180A* to +240, and 16% proteins were not quoted. Wheat receipts on the exchange floor were 86 cars, which included three train(s).* Bid (B), Ask(A), Nominal(N). MGEX Daily Grain Prices are Delivered Chicago/Beyond freight: 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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