DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was 1 cent stronger at 32 cents under the March futures contract, while the DTN National Corn Index was up 3 cents at $3.96. The national average basis for soybeans was steady at 63 cents under the March futures, while the DTN National Soybean Index was up 6 cents at $10.03. The national average basis for hard red winter (HRW) wheat was 5 cents weaker at 68 cents under the March futures contract, while the DTN National Hard Red Winter Wheat Index was down 10 cents at $4.67. The national average basis for hard red spring (HRS) wheat was 1 cent weaker at 16 cents under the MIAX Minneapolis March futures contract, while the DTN National Hard Red Spring Wheat Index was down 4 cents at $5.52.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$3.96	$0.03	-$0.32	Mar	$0.005
Soybeans:	$10.03	$0.06	-$0.63	Mar	$0.000
SRW Wheat:	$4.74	$0.00	-$0.55	Mar	-$0.009
HRW Wheat:	$4.67	-$0.05	-$0.68	Mar	-$0.045
HRS Wheat:	$5.52	-$0.04	-$0.16	Mar	-$0.012

CORN:

The national average corn basis for Tuesday was 32 cents under the March futures, 1 cent stronger than Monday's basis. PNW basis for March is 5 cents weaker at +107H, while Hereford, Texas, is not bid. FH Feb. CIF basis is 4 cents stronger at +107H and Feb. track St. Louis is 2 cents stronger at +35H. Processors are steady with Cedar Rapids, Iowa, steady at -12H; Fort Dodge, Iowa, is steady at -30H; Council Bluffs, Iowa, is steady at -8H; Des Moines, Iowa, is steady at -19H; Decatur, Illinois, is steady at +5H; Mitchell, South Dakota, is steady at -57H; Blair, Nebraska, is steady at -10H; Hastings, Nebraska, is steady at -43H; Lincoln, Nebraska, is steady at -42H; Garden City, Kansas, is steady at -30H; Columbus, Nebraska, is steady at -15H; St. Paul, Minnesota is steady at -45H; and Marshall, Minnesota, is steady at -35H.

SOYBEAN:

The national average soybean basis for Tuesday was 63 cents under the March futures, unchanged from Monday's basis. PNW basis for LH Feb. is steady at +110H. Feb. CIF basis is 3 cents stronger at +113H and Feb. track St. Louis is 1 cent stronger at +35H. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is steady at +10H; St. Paul, Minnesota, is -62H and basis on the Illinois River at Havana, Illinois, is steady at +6H. Reports on the Illinois River note that while no new ice is forming, there is no change in existing ice conditions. Processors are mixed with Council Bluffs, Iowa, steady at -40H; Des Moines, Iowa, is steady at -30H; Cedar Rapids, Iowa, is steady at -30H; Sioux City is steady at -35H; Decatur, Illinois, is steady at +12H; Volga, South Dakota, is steady at -70H; Spiritwood, North Dakota, is steady at -65H; NDSP Casselton, North Dakota is 15 cents weaker at -75H; Hastings, Nebraska, is steady at -91H; Lincoln, Nebraska, is 5 cents weaker at -40H; Aberdeen, South Dakota, is steady at -85H; Mitchell, South Dakota, is 10 cents stronger at -70H; and Mankato, Minnesota, steady at -30H. BN secondary shuttle freight for returns is not bid or offered, FH Feb. is bid even money against offers of plus $500 over and LH Feb is bid plus $250 over against offers of plus $500 over. UP secondary freight for returns is bid plus $200 over against no offers and February is bid plus $200 over against offers of plus $500 over.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Tuesday was 55 cents under the March futures, 1 cent weaker than Monday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Tuesday was 68 cents under the Kansas City March futures, 5 cents weaker than Monday's basis. PNW basis for LH Feb. is steady at +110H. Feb. CIF basis is 3 cents stronger at +113H and Feb. track St. Louis is 1 cent stronger at +35H. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is steady at +10H; St. Paul, Minnesota, is -62H and basis on the Illinois River at Havana, Illinois, is steady at +6H. Reports on the Illinois River note that while no new ice is forming, there is no change in existing ice conditions. Processors are mixed with Council Bluffs, Iowa, steady at -40H; Des Moines, Iowa, is steady at -30H; Cedar Rapids, Iowa, is steady at -30H; Sioux City is steady at -35H; Decatur, Illinois, is steady at +12H; Volga, South Dakota, is steady at -70H; Spiritwood, North Dakota, is steady at -65H; NDSP Casselton, North Dakota is 15 cents weaker at -75H; Hastings, Nebraska, is steady at -91H; Lincoln, Nebraska, is 5 cents weaker at -40H; Aberdeen, South Dakota, is steady at -85H; Mitchell, South Dakota, is 10 cents stronger at -70H; and Mankato, Minnesota, steady at -30H. BN secondary shuttle freight for returns is not bid or offered, FH Feb. is bid even money against offers of plus $500 over and LH Feb is bid plus $250 over against offers of plus $500 over. UP secondary freight for returns is bid plus $200 over against no offers and February is bid plus $200 over against offers of plus $500 over.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Tuesday was 16 cents under the MIAX Minneapolis March futures, 1 cent weaker than Monday's basis. The MIAX Futures Exchange LLC Floor Trading Summary of spot milling spring wheat cash premiums closed as follows, basis the March MIAX spring wheat futures: 12% proteins were not quoted; 13% proteins were at +55B to +125A; 13.5% proteins were unchanged at +180N to +200N; 14% proteins are down 5 to unchanged at +185 to +190; 14.5% proteins were unchanged +200N; 15% proteins are up 5 to unchanged at +165 to +250 and 16% proteins were at +200. Wheat receipts on the exchange floor were 37 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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