DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was steady at 19 cents under the March futures contract and the DTN National Corn Index was down 5 cents at $3.87. The national average basis for soybeans was steady at 54 cents under the March futures contract, while the DTN National Soybean Index was down 13 cents at $10.94. The national average basis for hard red winter (HRW) wheat was steady at 54 cents under the March futures contract, while the DTN National Hard Red Winter Wheat Index was down 3 cents at $5.20. The national average basis for hard red spring (HRS) wheat was 1 cent stronger at 19 cents under the March futures contract, while the DTN National Hard Red Spring Wheat Index was down 7 cents at $6.33.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$3.87	-$0.05	-$0.19	Mar	$0.002
Soybeans:	$10.94	-$0.13	-$0.54	Mar	$0.001
SRW Wheat:	$5.29	$0.00	-$0.54	Mar	$0.002
HRW Wheat:	$5.20	-$0.03	-$0.54	Mar	$0.002
HRS Wheat:	$6.33	-$0.07	-$0.19	Mar	$0.013

CORN:

The national average corn basis for Thursday was 19 cents under the March futures, unchanged from Wednesday's basis. PNW basis for February is 10 cents stronger at +150H, while first half March is 5 cents stronger at +140H and Hereford, Texas, is steady at +130H for February. CIF NOLA for February is steady at +54H and track St. Louis for February is steady at +17H. Processors are mixed, with Cedar Rapids, Iowa, 8 cents stronger at +15H; Fort Dodge, Iowa, is steady at +18H; Council Bluffs, Iowa, is 2 cents weaker at +10H; Decatur, Illinois, is steady at +7H; Mitchell, South Dakota, is steady at -35H; Blair, Nebraska, is 3 cents weaker at +12H; Hastings, Nebraska, is steady at -15H; Lincoln, Nebraska, is steady at -15H; Garden City, Kansas, moved to May at option the May futures; Columbus, Nebraska, is steady at +12H; and Marshall, Minnesota, is steady at -12H.

SOYBEANS:

The national average soybean basis for Thursday was 54 cents under the March, unchanged from Wednesday's basis. There are no posted bids on the PNW for soybeans until new crop at +130X. CIF NOLA basis for February is steady at +70H; track St. Louis for February is steady at +28H. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is steady at +20H and in St. Paul, Minnesota, river opening bid is +30H. Basis on the Illinois River at Havana, Illinois, is 2 cents stronger at +7H. Processor bids are mixed 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 +5H; Volga, South Dakota, is steady at -50H; Spiritwood, North Dakota, is -65H; Hastings, Nebraska, is steady at -75H; Lincoln, Nebraska, is steady at -20H; Aberdeen, South Dakota, is steady at -90H; Mitchell, South Dakota, is steady at -80H; and Mankato, Minnesota, is steady at -15H. BN secondary shuttle freight for returns is bid plus $1200 against no offers, while February is bid plus $1200 over against no offers and first half March is bid plus $700 over against offers of plus $1200 over. UP secondary freight is plus $400 over for returns and Feb. against no offers and first half March is bid plus $200 over against offers of plus $500.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Thursday was 54 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 54 cents under the Kansas City March futures, unchanged from Wednesday's basis. The KC spot milling cash premiums were higher for lower protein cars that showed with ordinary protein was up 7 cents at +125; 11% protein through 11.4% was steady at +130; 11.6% through 11.8% was steady at +135; 12% through 12.4% was steady at +150; 12.6% was up 1 cent at +151; 12.8% was steady at +160; 13% through 14% protein was steady at +170. Offers for 11% protein at the Texas Gulf are steady at +155 and PNW 11.5% is steady at +165, while the track Gulf basis bid for February is steady at +130 and no bump for higher protein. On the export front, Tunisia is tendering for 100,000 metric tons of milling wheat, South Korean millers are tendering for 136,000 mt of milling wheat of which 50,000 mt will be U.S origin and the balance Australia and Canada. Japan bought 115,000 mt of milling wheat with 30,000 mt U.S. HRW wheat.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Thursday was 19 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 unchanged at +110N; 13% proteins were not quoted; 13.5% proteins were unchanged at +115N to +135N; 14% proteins were down 10 cents to down 60 cents at +130 to +160; 14.5% proteins were down 20 cents at +130; 15% proteins were up 10 cents to down 30 cents at +230+ to +250 and 16 proteins were not quoted. Wheat receipts on the exchange floor were 51 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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