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 up 3 cents at $4.61. The national average basis for soybeans was 1 cent stronger at 63 cents under the March futures contract, while the DTN National Soybean Index was up 3 cents at $9.67. The national average basis for hard red winter (HRW) wheat was 1 cent weaker at 63 cents under the March futures contract, while the DTN National Hard Red Winter Wheat Index was up 6 cents at $5.35. The national average basis for hard red spring (HRS) wheat was steady at 28 cents under the March futures contract, and the DTN National Hard Red Spring Wheat Index was up 2 cents at $5.88.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.61	$0.03	-$0.32	Mar	$0.000
Soybeans:	$9.67	$0.03	-$0.63	Mar	$0.008
SRW Wheat:	$5.23	$0.03	-$0.54	Mar	-$0.003
HRW Wheat:	$5.35	$0.06	-$0.63	Mar	-$0.007
HRS Wheat:	$5.88	$0.02	-$0.28	Mar	-$0.003

CORN:

The national average corn basis for Thursday was 32 cents under the March futures, unchanged from Wednesday's basis. PNW basis for February is 1 cents stronger at +118H and Hereford, Texas, is 10 cents stronger for March at +110K. CIF basis is steady at +77H and track St. Louis is steady at +7H. Processors are mixed with Cedar Rapids, Iowa, steady at -15H; Fort Dodge, Iowa, is 1 cent stronger at -27H; Council Bluffs, Iowa, is 2 cents stronger at -15H; Decatur, Illinois, is steady at -2H; Mitchell, South Dakota, is steady at -62H; Blair, Nebraska, is steady at -15H; Hastings, Nebraska, is steady at -35H; Lincoln, Nebraska, is steady at -35H; Garden City, Kansas, is steady at +15H; Columbus, Nebraska, is steady at -20H; and Marshall, Minnesota, is steady at -40H.

SOYBEANS:

The national average soybean basis for Thursday was 63 cents under the March futures, 1 cent stronger than Wednesday's basis. PNW is not posting a bid until October at steady at +125X, CIF basis is 7 cents stronger at +75H and track St. Louis is steady at +10H. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 6 cents stronger at -9H; St. Paul, Minnesota, is bid +50H and basis on the Illinois River at Havana, Illinois, is 3 cents stronger at -24H. Mississippi River at St. Louis is falling again and is at minus 1.79 feet and forecast to keep falling. Processors are mixed with Council Bluffs, Iowa, 1 cent stronger at -47H; Cedar Rapids, Iowa, is 10 cents stronger at -25H; Sioux City is steady at -45H; Decatur, Illinois, is steady at -15H; Volga, South Dakota, is steady at -80H; Spiritwood, North Dakota, is steady at -65H; Hastings, Nebraska, is steady at -80H; Lincoln, Nebraska, is steady at -40H; Aberdeen, South Dakota, is steady at -65H; Mitchell, South Dakota, is steady at -95H; and Mankato, Minnesota, is steady at -35H. BN secondary shuttle freight for returns is not bid or offered, February is bid plus $1200 over against offers of plus $2400 over and March is bid plus $800 over against offers of plus $1200 over. UP secondary freight for returns is not bid or offered, February is bid plus $200 over against offers of plus $400 over and March is bid minus $150 under against offers of plus $100 over.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Thursday was 54 cents under the March futures, unchanged from Wednesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Thursday was 63 cents under the Kansas City March futures, 1 cent weaker than Wednesday's basis. Spot premiums were mixed with ordinary protein steady at +87; 11% protein through 12.8% was steady at +95; 13% was steady at +101 13.2% through 13.4% was steady at +105; 13.6% was steady at +120; 13.8% through 14% was steady at +140. Gulf bid for 11% protein was steady at +85 with no protein bumps. PNW 11.5% was steady at +110, while the Texas Gulf basis for 11% was steady at +105. The flat price has moved higher as concern remains that areas in the Southern Plains and southern Russia could see some winter kill as extreme cold settles in, On the export front, Saudi Arabia is tendering for 550,000 to 600,000 mt of milling wheat for May thru July.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Thursday was 28 cents under the Minneapolis March futures, unchanged from 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 steady at +75N; 13.5 proteins were up 50 to down 5 at +325; 14 proteins were down 20 to unchanged at +160 to +205; 14.5% proteins were unchanged to up 5 at +150 to +155; 15% proteins were up 20 to unchanged at +270 to +310, and 16% proteins were not quoted. Wheat receipts on the exchange floor were 26 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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