DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was steady at 42 cents under the December futures contract, while the DTN National Corn Index was up 1 cent at $3.74. The national average basis for soybeans was 2 cents stronger at 79 cents under the November futures contract, while the DTN National Soybean Index was up 13 cents at $9.34. The national average basis for hard red winter (HRW) wheat was 30 cents stronger at 46* cents under the December futures contract, while the DTN National Hard Red Winter Wheat Index was up 28 cents at $4.49. The national average basis for hard red spring (HRS) wheat was 13 cents stronger at 40 cents under the MIAX Minneapolis December futures contract, and the DTN National Hard Red Spring Wheat Index was up 7 cents at $5.17. (*HRW basis may be an error. Should adjust in tomorrow evening basis report.)

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$3.74	$0.01	-$0.42	Dec	$0.003
Soybeans:	$9.34	$0.13	-$0.79	Nov	$0.020
SRW Wheat:	$4.41	$0.03	-$0.68	Dec	$0.019
HRW Wheat:	$4.49	$0.28	-$0.46	Dec	$0.299
HRS Wheat:	$5.17	$0.07	-$0.40	Dec	$0.128

CORN:

The national average corn basis for Wednesday was 42 cents under the December futures, unchanged from Tuesday's basis. PNW basis is steady for October at +110Z and Hereford, Texas, for October is steady at +100Z. CIF basis is steady at +81Z and track St. Louis is steady at option Z. Processors are steady with Cedar Rapids, Iowa, 3 cents stronger at -22Z; Fort Dodge, Iowa, is steady at -40Z; Council Bluffs, Iowa, is steady at -29Z; Des Moines, Iowa is steady at -50Z; Decatur, Illinois, is 10 cents stronger at option Z; Mitchell, South Dakota, is 3 cents weaker at -58Z; Blair, Nebraska, is steady at -22Z; Hastings, Nebraska, is steady at -25Z; Lincoln, Nebraska, is 4 cents weaker at -42Z; Garden City, Kansas, is steady at -10Z; Columbus, Nebraska, is steady at -15Z; and Marshall, Minnesota, is steady at -40Z.

SOYBEAN:

The national average soybean basis for Wednesday was 79 cents under the November futures, 2 cents stronger than Tuesday's basis. PNW basis for Oct. is $5 stronger at +50X. CIF basis is steady at +60X and track St. Louis is 10 cents stronger at -20. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is steady at -37X; St. Paul, Minnesota, is steady at -90X and basis on the Illinois River at Havana, Illinois, is steady at -40X. Processors are mixed with Council Bluffs, Iowa, steady at -55X; Cedar Rapids, Iowa, is 15 cents weaker at -60X; Sioux City is steady at -55X; Decatur, Illinois, is 25 cents stronger at -5X; Volga, South Dakota, is steady at -95X; Spiritwood, North Dakota, is steady at -120X; Hastings, Nebraska, is steady at -79X; Lincoln, Nebraska, is steady at -40X; Aberdeen, South Dakota, is steady at -105X; Mitchell, South Dakota, is 5 cents stronger at -115; and Mankato, Minnesota, is steady at -50X. BN secondary shuttle freight for returns is not bid or offered, FH Oct. is bid plus $300 over against offers of plus $700 and LH Oct. is bid plus $500 over against no offers. UP secondary freight for returns is bid plus $400 over against offers of plus $1000 over and FH Oct. is bid plus $400 over against no offers.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Wednesday was 68 cents under the December futures, 2 cents stronger than Tuesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Wednesday was 46* cents under the Kansas City December futures, 30 cents stronger than Tuesday's basis. Spot premiums were steady to higher with ordinary protein unchanged at +75; 11.0% through 11.8% was steady at +81; 12% is up 8 at +89; 12.2% through 12.6% is up 4 at +89; 12.8% is steady at +90; 13% through 13.2% is steady at +95; 13.4% through 14% is steady at +115. Gulf bid for spot 11% protein was steady at +90Z with no protein bumps. September PNW 11.5% is up 5 at +145Z, while Texas Gulf basis for 11% is down 5 at +115Z. Taiwan flour miller in for 80,000 metric tons of US milling wheat Thursday.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Wednesday was 40 cents under the MIAX Minneapolis December futures, 13 cents stronger than Tuesday's basis. The MIAX Futures Exchange, LLC Floor Trading Summary of spot milling spring wheat cash premiums closed as follows basis the December MIAX spring wheat futures: 12% proteins was not quoted; 13% proteins are not quoted; 13.5 proteins were not quoted; 14 proteins were down 25 at +85 to +110N; 14.5% proteins were down 5 to down 55 at +110; 15% proteins were unchanged to up 30 at +190 to +220 and 16% proteins were not quoted. Wheat receipts on the exchange floor were 49 cars, which includes zero train(s). Bid (B), Ask (A), Nominal (N). Minneapolis Daily Spot Grain Prices are Delivered Chicago/Beyond freight.

Mary Kennedy can be reached at mary.kennedy@dtn.com

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