DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was 1 cent stronger at 26 cents under the May futures contract and the DTN National Corn Index was unchanged at $4.13. The national average basis for soybeans was 1 cent weaker at 58 cents under the May futures contract, while the DTN National Soybean Index was up 24 cents at $11.52. 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 down 2 cents at $5.34. 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 unchanged at $6.34.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.13	$0.00	-$0.26	May	$0.008
Soybeans:	$11.52	$0.24	-$0.58	May	-$0.002
SRW Wheat:	$4.91	-$0.07	-$0.54	May	$0.008
HRW Wheat:	$5.34	-$0.02	-$0.47	May	$0.003
HRS Wheat:	$6.34	$0.00	-$0.21	May	$0.006

CORN:

The national average corn basis for Wednesday was 26 cents under the May futures, 1 cent stronger than Tuesday's basis. PNW basis is steady at +150 for the last half of March, April is 5 cents stronger at +145K and Hereford, Texas, is steady at +130K for first-half March. CIF NOLA for March is 1 cent stronger at +49K and track St. Louis for March is 2 cents weaker at +15K. Processors are mixed with Cedar Rapids, Iowa, 3 cents stronger at +15K; Fort Dodge, Iowa, is steady at -3K; Council Bluffs, Iowa, is steady at +5K; Decatur, Illinois, is steady at -2K; Mitchell, South Dakota, is 5 cents stronger at -43K; Blair, Nebraska, is steady at +14K; Hastings, Nebraska, is steady at -15K; Lincoln, Nebraska, is 5 cents stronger at -15K; Garden City, Kansas, is steady at +15K; Columbus, Nebraska, is steady at +12K; and Marshall, Minnesota, is steady at -17K.

SOYBEANS:

The national average soybean basis for Wednesday was 58 cents under the May futures, 1 cent weaker than Tuesday's basis.

PNW new-crop bid is steady at +125X, while CIF NOLA basis for March is steady 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 mixed 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 steady at -42K; Hastings, Nebraska, is steady at -85K; Lincoln, Nebraska, is steady at -26K; Aberdeen, South Dakota, is 5 cents stronger at -85K; Mitchell, South Dakota, is steady at -94K; and Mankato, Minnesota, is steady at -10K. BN secondary shuttle freight for returns is not bid or offered and March is bid plus $1200 over offers of plus $2400 and first half April is bid plus $500 over against offers of plus $1000 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 Wednesday was 54 cents under the May futures, unchanged from Tuesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Wednesday was 47 cents under the Kansas City May futures, unchanged from Tuesday's basis. The KC spot milling cash premiums basis the May are still hibernating 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 Wednesday was 21 cents under the Minneapolis May futures, unchanged from Tuesday'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 unchanged at +120N to +170; 14.5% proteins were unchanged at +160N; 15% proteins were up 15 cents to unchanged at +225 to +250 and 16 proteins were not quoted. Wheat receipts on the exchange floor were 10 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.

(c) Copyright 2024 DTN, LLC. All rights reserved.