DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was 1 cent weaker at 27 cents under the May futures contract and the DTN National Corn Index was 3 cents higher at $4.13. The national average basis for soybeans was unchanged at 57 cents under the May futures contract, while the DTN National Soybean Index was down 2 cents at $11.28. The national average basis for hard red winter (HRW) wheat was unchanged at 47 cents under the May futures contract, while the DTN National Hard Red Winter Wheat Index was up 9 cents at $5.36. The national average basis for hard red spring (HRS) wheat was unchanged at 21 cents under the May futures contract, while the DTN National Hard Red Spring Wheat Index was up 5 cents at $6.34.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.13	$0.03	-$0.27	May	-$0.002
Soybeans:	$11.28	-$0.02	-$0.57	May	$0.001
SRW Wheat:	$4.98	$0.10	-$0.54	May	$0.001
HRW Wheat:	$5.36	$0.09	-$0.47	May	-$0.001
HRS Wheat:	$6.34	$0.05	-$0.21	May	-$0.001

CORN:

The national average corn basis for Tuesday was 27 cents under the May futures, 1 cent weaker than Monday's basis. PNW basis is steady at +150 for the last half of March and Hereford, Texas, is steady at +130K for first-half March. CIF NOLA for March is steady at +48K and track St. Louis for March is steady at +17K. Processors are mixed with Cedar Rapids, Iowa, steady at +12K; Fort Dodge, Iowa, is 2 cents weaker at -3K; Council Bluffs, Iowa, is steady at +5K; Decatur, Illinois, is steady at -2K; Mitchell, South Dakota, is steady at -48K; Blair, Nebraska, is 1 cent stronger at +14K; Hastings, Nebraska, is 5 cents stronger at -15K; Lincoln, Nebraska, is 5 cents stronger at -15K; Garden City, Kansas, is steady at +15K; Columbus, Nebraska, is 4 cents stronger at +12K; and Marshall, Minnesota, is steady at -17K.

SOYBEANS:

The national average soybean basis for Tuesday was 57 cents under the May futures, unchanged from Monday's basis. PNW new-crop bid is steady at +125X, while CIF NOLA basis for March is 2 cents weaker at +56K and track St. Louis for March is steady at +23K. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 2 cents weaker at +11K, basis on the Illinois River at Havana, Illinois, is steady at option the May and St. Paul, Minnesota, is steady at +23K. Processors are steady with Council Bluffs, Iowa, at -20K; Cedar Rapids, Iowa, is steady at -5K; Sioux City is at -30K; Decatur, Illinois, is steady at +8K; Volga, South Dakota, is steady at -50K; Spiritwood, North Dakota, is 5 cents stronger at -42K; Hastings, Nebraska, is steady at -85K; Lincoln, Nebraska, is steady at -26K; Aberdeen, South Dakota, is steady at -90K; Mitchell, South Dakota, is steady at -94K; and Mankato, Minnesota, is steady at -10K. BN secondary shuttle freight for returns and March is bid plus $1200 over against no offers and April is bid plus $400 over against offers of plus $800 over. UP secondary freight for returns is bid plus $400 over against no offers and March is bid even money to tariff against offers of plus $500 over.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Tuesday was 54 cents under the May futures, unchanged from Monday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Tuesday was 47 cents under the Kansas City May futures, unchanged from Monday's basis. The KC spot milling cash premiums basis the May was steady Monday with nothing to report. Ordinary protein through 11.4% was steady at +130; 11.6% through 11.8% was steady at +139; 12% through 12.2% was steady at +147, 12.4% through 12.8% steady at +150; 13% through 14% protein was steady at +160. Offers for 11% protein at the Texas Gulf are steady at +155 and PNW 11.5% is steady at +150, while the track Gulf basis bid for March is steady at +150 and no bump for higher protein.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Tuesday was 21 cents under the Minneapolis May futures, unchanged from Monday's basis. The Minneapolis spot spring wheat cash premiums closed as follows, based on Minneapolis May futures: 12% proteins were not quoted; 13% proteins were not quoted; 13.5% proteins were not quoted; 14% proteins were down 10 cents to unchanged at +120 to +170; 14.5% proteins were unchanged at +160; 15% proteins were down 40 cents to unchanged at +210 to +250 and 16 proteins were not quoted. Wheat receipts on the exchange floor were 45 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 X, formerly known as Twitter, @MaryCKenn.

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