DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was unchanged at 23 cents under the March futures contract, while the DTN National Corn Index was unchanged at $4.29. The national average basis for soybeans was 1 cent stronger at 52 cents under the March futures contract, while the DTN National Soybean Index was down 17 cents at $11.71. The national average basis for hard red winter (HRW) wheat was steady at 55 cents under the March futures contract, while the DTN National Hard Red Winter Wheat Index was up 12 cents at $5.82. The national average basis for hard red spring (HRS) wheat was unchanged at 25 cents under the March futures contract, while the DTN National Hard Red Spring Wheat Index was up 5 cents at $6.84.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.29	$0.00	-$0.23	Mar	$0.001
Soybeans:	$11.71	-$0.17	-$0.52	Mar	$0.004
SRW Wheat:	$5.54	$0.02	-$0.58	Mar	$0.006
HRW Wheat:	$5.82	$0.12	-$0.55	Mar	$0.004
HRS Wheat:	$6.84	$0.05	-$0.25	Mar	$0.008

CORN:

The national average corn basis for Thursday was 23 cents under the March futures, unchanged from Wednesday's basis. PNW basis for January is steady at +135H, while Hereford, Texas, for January is steady at +120H. CIF NOLA for January is steady at +62H and track St. Louis for January is steady at +23H. Processors are mixed, with Cedar Rapids, Iowa, 5 cents stronger at +20H; Fort Dodge, Iowa, is steady at +15H; Council Bluffs, Iowa, is steady at +20H; Decatur, Illinois, is steady at +7H; Mitchell, South Dakota, is steady at -42H; Blair, Nebraska, is steady at +15H; Hastings, Nebraska, is steady at -18H; Lincoln, Nebraska, is steady at -20H; Garden City, Kansas, is steady at +10H; Columbus, Nebraska, is 5 cents stronger at +25H; and Marshall, Minnesota, is steady at -10H.

SOYBEANS:

The national average soybean basis for Thursday was 52 cents under the March, 1 cent stronger than Wednesday's basis. PNW for January is steady at +135H and the +150H bid at a different exporter was pulled, while CIF NOLA basis for January is 1 cent stronger at +78H, and track St. Louis for January is 11 cents stronger at +43H. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 2 cents stronger at +26H and in St. Paul, Minnesota, there are no bids since the river is closed for the winter. Basis on the Illinois River at Havana, Illinois, is 2 cents stronger at +12H. The levels on the Lower Mississippi River have improved, but some issues remain as the ice from the Illinois River moves down and also problems with the heavy fog. Processor bids are steady with Council Bluffs, Iowa, steady at -20H; Cedar Rapids, Iowa, is 5 cents stronger at -10H; Sioux City is steady at -30H; Decatur, Illinois, is steady at option the March; Volga, South Dakota, is steady at -50H; Spiritwood, North Dakota, is steady at -80H for January; Hastings, Nebraska, is steady at -80H; Lincoln, Nebraska, is steady at -20H; Aberdeen, South Dakota, is steady at -90H; Mitchell, South Dakota, is steady at -75H; and Mankato, Minnesota, is steady at -15H. BN secondary shuttle freight for returns is not bid or offered, while January is bid plus $800 over against no offers and Feb. is bid $700 over against offers of $1200 over. UP secondary for freight for returns is not bid or offered, while January is bid +200 over against no offers and February is bid even money against offers of plus $250 over.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Thursday was 58 cents under the March futures, 1 cent stronger than Wednesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Thursday was 55 cents under the Kansas City March futures, unchanged from Wednesday's basis. The KC spot milling cash premiums were steady no cars offered. Ordinary protein was steady at +115, 11% protein through 11.8 was steady at +130; 12% through 12.4% was steady at +180; 12.6% through 12.8% was steady at +180; 13% through 14% protein was steady at +185. Offers for 11% protein at the Texas Gulf were steady at +150 and PNW 11.5% was steady at +145, while the track Gulf basis bid is steady at +130 for January 11% protein and +135 for Feb. and no bump for higher protein. Traders are watching the weather as talk of a warmup in the Southern Plains early February could bring the wheat out of dormancy.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Thursday was 25 cents under the Minneapolis March futures, 1 cent stronger than Wednesday'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 unchanged at +85N; 13.5% proteins were unchanged at +175N; 14% proteins were up 50 cents to up 40 cents at +300; 14.5% proteins were unchanged at +200N; 15% proteins were down 10 cents to unchanged at +300 to +325. Wheat receipts on the exchange floor were 23 cars, which included one 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 X, formerly known as Twitter, @MaryCKenn.

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