DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn is unchanged at 10 cents over the March futures contract, while the DTN National Corn Index is up 2 cents at $6.89. The national average basis for soybeans is 1 cent weaker at 35 cents under the March futures contract while the DTN National Soybean Index is down 12 cents at $14.86. The national average basis for hard red winter (HRW) wheat is 2 cents stronger at 30 cents under the March futures contract and the DTN National Hard Red Winter Wheat Index is up 5 cents at $8.48. The national average basis for hard red spring (HRS) wheat is 3 cents stronger at 23 cents under the March futures contract and the DTN National Hard Red Spring Wheat Index is down 1 cent at $8.95.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$6.89	$0.02	$0.10	Mar	$0.001
Soybeans:	$14.86	-$0.12	-$0.35	Mar	-$0.010
SRW Wheat:	$7.05	-$0.06	-$0.45	Mar	$0.002
HRW Wheat:	$8.48	$0.05	-$0.28	Mar	$0.019
HRS Wheat:	$8.95	-$0.01	-$0.23	Mar	$0.031

CORN:

The national average corn basis for Monday is 10 cents over the March futures, unchanged from Friday's basis. There is no PNW basis bid until May now at +150K and Hereford, Texas, is steady +100H. CIF NOLA for February is steady at +83H, while track St. Louis is 1 cent weaker at +30H for February. The water level at St. Louis is at -0.87 feet below zero gauge now and is forecast to reach +0.1 feet next week and start a slow fall. The gauge at Memphis is at +11.41 feet and falling toward low water stage by end of February. Processors' bids are mixed, with Cedar Rapids, Iowa, 2 cents weaker at -12H; Fort Dodge, Iowa, is -- 1 cent at +46H; Council Bluffs, Iowa, is -- 1 cent at +35H; Blair, Nebraska, is at +50H; Lincoln, Nebraska, at +30H; Hastings, Nebraska, at +15H; Columbus, Nebraska, is steady at +40H; Mitchell, South Dakota, at +10H; Garden City, Kansas, is at +115H; and Marshall, Minnesota, is steady at +12H. BN secondary shuttle freight for returns is no bid against offers of -$150 under, February is bid -$300 per car under tariff against offers of -$100 under, while March is bid -$300 under against offers of -$100 under. UP secondary freight is no bid for returns against offers of -$100. February is bid -$350 under against offers of -$150 under and March is bid -$350 under against offers of -$150 under.

SOYBEANS:

The national average soybean basis for Monday is 35 cents under the March futures, 1 cent weaker than Friday's basis. The PNW basis is still a no show until October, which was 5 cents stronger at +190X. CIF NOLA basis for first half February is 3 cents stronger at 108H and 2 cents stronger for last half at +105H, while track St. Louis is 5 cents weaker at +42H for February. River traffic at Lock 26 and 27 is still delayed but improving slightly, with ACBL saying Monday, "Lock 27 currently has 22 boats to lock (Current average delay per boat is 14 hours). Mel Price currently has 2 boats to lock (Current average delay per boat is 27 hours). On the Illinois River, milder conditions are here and forecast longer-term for Feb, leading industry to believe the current ice conditions are short-lived." River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is steady at +15H; while basis on the Illinois River at Havana, Illinois, is steady at +9H. Processor basis is mixed, with Mankato, Minnesota, at -5H for Feb.; Council Bluffs, Iowa, is at +30H for Feb.; Cedar Rapids, Iowa, is 4 cents weaker at -50H for Feb.; Sioux City is steady at -10H for Feb.; Volga, South Dakota, is steady at -25H for Feb.; Lincoln, Nebraska, is steady at +25H for Feb., and Aberdeen, South Dakota, is steady at -45H for Feb.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Monday is 45 cents under the March futures, unchanged from Friday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Monday is 28 cents under the Kansas City March futures, 2 cents stronger than Friday's basis. The KC spot cash premiums were steady to weaker. The premium for ordinary protein was unchanged at +175, 11% through 11.8% protein was down 11 cents at +175, and 12% through 14% premiums were down 1 cent at +195. 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. Weekly export inspections were good again and came in above what the trade had expected and included our usual buyers.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Monday is 23 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 nit quoted; 14% proteins were unchanged at +120N to +205N; 14.5% proteins were unchanged at +160N; 15% proteins were not quoted, and 16% proteins were not quoted. Wheat receipts on the exchange floor were zero cars, which included zero 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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