DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn is unchanged at 8 cents over the March futures contract, while the DTN National Corn Index is up 1 cent at $6.89. The national average basis for soybeans is 1 cent weaker at 33 cents under the March futures contract while the DTN National Soybean Index is down 19 cents at $14.88. The national average basis for hard red winter (HRW) wheat is 1 cent stronger at 29 cents under the March futures contract and the DTN National Hard Red Winter Wheat Index is up 7 cents at $8.55. The national average basis for hard red spring (HRS) wheat is 4 cents weaker at 24 cents under the March futures contract and the DTN National Hard Red Spring Wheat Index is unchanged at $9.02.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$6.89	$0.01	$0.08	Mar	-$0.006
Soybeans:	$14.88	-$0.19	-$0.33	Mar	-$0.008
SRW Wheat:	$7.20	-$0.01	-$0.40	Mar	$0.006
HRW Wheat:	$8.55	$0.07	-$0.29	Mar	$0.014
HRS Wheat:	$9.02	$0.00	-$0.24	Mar	-$0.041

CORN:

The national average corn basis for Wednesday is 8 cents over the March futures, unchanged from Tuesday's basis. There is still no PNW basis bid for February, while March is at +145K and Hereford, Texas has no bid until April at +145K. CIF NOLA for February is steady at +89H, while track St. Louis is steady at +37H for February. The water level at St. Louis is at -2.51 below zero gauge now and is forecast to come up to -1 foot next week. The gauge at Memphis is at +13.61 feet, and levels will rise to +13.7 feet by the weekend and then start to slowly fall. Processors' bids are steady, with Cedar Rapids, Iowa, is 20 cents weaker at -10H; Fort Dodge, Iowa, is steady at +47H; Council Bluffs, Iowa, is at +38H; Blair, Nebraska, is at +50H; Lincoln, Nebraska, at +30H; Hastings, Nebraska, at +10H; Columbus, Nebraska is steady at +40H; Mitchell, South Dakota, at +10H; Garden City, Kansas, at +115H; and Marshall, Minnesota, is 5 cents stronger at +17H. BN secondary shuttle freight for returns is not bid or offered, while February is bid -$350 per car under tariff against offers of -$200 under. UP secondary freight for returns is not bid against offers of even money to tariff, while February is bid -$450 under against offers of -$200 under.

SOYBEANS:

The national average soybean basis for Wednesday is 33 cents under the March futures, 1 cent weaker than Tuesday's basis. The PNW basis for February forward shows no bid. CIF NOLA basis for February is steady at 107H to +112H, while track St. Louis is 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 14 boats to lock (Current average delay per boat is 45 hours), while Mel Price currently has 11 boat to lock (Current average delay per boat 10 hours)." River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is steady at +20H; while basis on the Illinois River at Havana, Illinois, is 6 cents weaker at +6H. Processor basis is mixed, with Mankato, Minnesota, is 10 cents weaker at -5H for Feb.; Council Bluffs, Iowa, is at +30H for Feb.; Cedar Rapids, Iowa, is 4 cents stronger at -46H for Feb.; Sioux City is steady at +5H for Feb.; Volga, South Dakota, is 5 cents weaker at -25H for Feb.; Lincoln, Nebraska, is 5 cents weaker at +25H for Feb. and Aberdeen, South Dakota, is 5 cents weaker at -40H for Feb.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Wednesday is 40 cents under the March futures, 1 cent stronger than Tuesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Wednesday is 29 cents under the Kansas City March futures, 1 cent stronger than Tuesday's basis. The KC spot cash premiums were mostly unchanged with only ords reported for sale. The premium for ordinary protein was 2 cents weaker at +175, 11% through 11.8% protein is steady at +185, and 12% through 14% is steady at +190. Mills will continue to need coverage going forward and may need to spice up the premiums to keep the wheat flowing to them. 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. There is no fresh news on the export front.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Wednesday is 24 cents under the Minneapolis March futures, 4 cents weaker than Tuesday'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 unchanged at +100N; 14% proteins were down 15 cents to unchanged at +120* to +200; 14.5% proteins were up 10 cents at +160; 15% proteins were unchanged to down 40 cents at +140N to +240, and 16% proteins were not quoted. Wheat receipts on the exchange floor were 95 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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