DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was unchanged at 32 cents under the March futures contract while the DTN National Corn Index was down 4 cents at $4.43. The national average basis for soybeans was 1 cent stronger at 60 cents under the March futures contract, while the DTN National Soybean Index was down 23 cents at $9.59. The national average basis for hard red winter (HRW) wheat was unchanged at 58 cents under the March futures contract, while the DTN National Hard Red Winter Wheat Index was down 9 cents at $4.91. The national average basis for hard red spring (HRS) wheat was 1 cent stronger at 17 cents under the March futures contract, and the DTN National Hard Red Spring Wheat Index was down 5 cents at $5.65.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.43	-$0.04	-$0.32	Mar	$0.000
Soybeans:	$9.59	-$0.23	-$0.60	Mar	$0.007
SRW Wheat:	$4.83	-$0.09	-$0.54	Mar	$0.002
HRW Wheat:	$4.91	-$0.09	-$0.58	Mar	$0.004
HRS Wheat:	$5.65	-$0.05	-$0.17	Mar	$0.012

CORN:

The national average corn basis for Thursday was 32 cents under the March futures, unchanged from Wednesday's basis. PNW basis no bid until March and is steady at +100H and Hereford, Texas, is steady for Feb. at +95H. CIF basis is steady at +64H and track St. Louis is steady at +4H. Processors are mixed with Cedar Rapids, Iowa, steady at -29H; Fort Dodge, Iowa, is steady at -27H; Council Bluffs, Iowa, is 1 cent weaker at -15H; Decatur, Illinois, is steady at option the H; Mitchell, South Dakota, is steady at -57H; Blair, Nebraska, is 2 cents weaker at -16H; Hastings, Nebraska, is steady at -40H; Lincoln, Nebraska, steady at -30H; Garden City, Kansas, is steady at +10H; Columbus, Nebraska, is steady at -12H; and Marshall, Minnesota, is steady at -35H.

SOYBEANS:

The national average soybean basis for Thursday was 60 cents under the March futures, 1 cent stronger than Wednesday's basis. One PNW exporter now showing a bid for February at +115H and nothing after that, CIF basis is 1 cent stronger at +73H and track St. Louis is steady at +14H. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is steady at -2H; St. Paul, Minnesota, Mississippi River is closed for winter and basis on the Illinois River at Havana, Illinois, is 2 cents weaker at -8H. Low water is hitting the Mississippi River at St. Louis, currently at -1.94 feet below zero gauge and falling, with drafts reduced. Also, extreme cold is hampering travel on the Illinois River as ice builds up. Processors are mixed with Council Bluffs, Iowa, steady at -43H; Cedar Rapids, Iowa, is steady at -25H; Sioux City is steady at -35H; Decatur, Illinois, is steady at -5H; Volga, South Dakota, is 10 cents weaker at -70H; Spiritwood, North Dakota, is 10 cents stronger at -50H; Hastings, Nebraska, is steady at -77H; Lincoln, Nebraska, is steady at -35H; Aberdeen, South Dakota, is steady at -70H; Mitchell, South Dakota, is steady at -95H; and Mankato, Minnesota, is steady at -35H. BN secondary shuttle freight for returns is bid $300 over against no offers, January is bid plus $300 under against no offers and February is bid plus $400 over against offers of $600 over. UP secondary freight for returns is not bid against offers of -$350, last-half January is bid minus $400 under against offers of minus $350 under and February is bid minus $350 under against offers of minus $200 under.

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 58 cents under the Kansas City March futures, unchanged from Wednesday's basis. The KC spot milling cash premiums were steady to lower with mills not showing much interest. Ordinary protein was steady at +90; 11% protein was steady at +102; 11.2% was down 1 at +111; 11.4% was down 4 at +111; 11.6 through 11.8% was steady at +115; 12% through 12.8 was down 1 at +113; 13% through 13.6% was steady at +115; and 13.8% through 14% was steady at +140. Track Gulf bid for 11% protein was steady at +105 with no protein bumps. PNW 11.5% was down 5 cents at +125, while the Texas Gulf basis for 11% was down 5 cents at +125. Japan bought 133,000 mt of milling wheat, with 48,000 mt of that a combo of US HRW and DNS.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Thursday was 17 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 not quoted; 13.5 proteins were down 35 at +140; 14 proteins were down 60 to unchanged at +160 to +220; 14.5% proteins were unchanged at +200N; 15% proteins were up 80 to down 5 at +330 to +350, and 16% proteins were not quoted. Wheat receipts on the exchange floor were 29 cars, which included zero train(s). Bid (B), Ask (A), Nominal (N). Minneapolis Daily Spot 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

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