DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was 1 cent weaker at 33 cents under the March futures contract, while the DTN National Corn Index was down 5 cents at $3.98. The national average basis for soybeans was 1 cent weaker at 65 cents under the March futures, while the DTN National Soybean Index was up 3 cents at $10.50. The national average basis for hard red winter (HRW) wheat was steady at 67 cents under the March futures contract, while the DTN National Hard Red Winter Wheat Index was down 7 cents at $4.64. The national average basis for hard red spring (HRS) wheat was steady at 15 cents under the MIAX Minneapolis March futures contract, while the DTN National Hard Red Spring Wheat Index was down 1 cent at $5.55.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$3.98	-$0.05	-$0.33	Mar	-$0.002
Soybeans:	$10.50	$0.03	-$0.65	Mar	-$0.004
SRW Wheat:	$4.74	-$0.06	-$0.56	Mar	-$0.008
HRW Wheat:	$4.64	-$0.07	-$0.67	Mar	-$0.001
HRS Wheat:	$5.55	-$0.01	-$0.15	Mar	$0.003

CORN:

The national average corn basis for Friday was 33 cents under the March futures, 1 cent weaker than Thursday's basis. PNW basis for April is 5 cents weaker at +108H, while Hereford, Texas, is not bid. FH Feb. CIF basis is 2 cents weaker at +105H and Feb. track St. Louis is 6 cents weaker at +26H. Processors are steady with Cedar Rapids, Iowa, steady at -17H; 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 +3H; Mitchell, South Dakota, is steady at -57H; Blair, Nebraska, is steady at -12H; Hastings, Nebraska, is steady at -40H; Lincoln, Nebraska, is steady at -35H; 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 Friday was 65 cents under the March futures, 1 cent weaker than Thursday's basis. PNW basis for LH Feb. is steady at +110H. Feb. CIF basis is steady at +113H and Feb. track St. Louis is steady at +35H. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 5 cents stronger at +5H; St. Paul, Minnesota, is steady at -62H and basis on the Illinois River at Havana, Illinois, is steady at +5H. While temps are expected to warm up some, that ice on the Illinois River will start to break up and may cause further issues. We are also seeing water levels on the Lower Mississippi slowing fall again. Illinois River note that while no new ice is forming, there is no change in existing ice conditions. Here is my story from Friday on ice conditions: https://www.dtnpf.com/…

Processors are mixed with Council Bluffs, Iowa, is steady at -50H; Des Moines, Iowa, is 5 cents weaker at -35H; Cedar Rapids, Iowa, is 5 cents weaker at -45H; Sioux City is steady at -50H; Decatur, Illinois, is 5 cents weaker at +7H; Volga, South Dakota, is steady at -80H; Spiritwood, North Dakota, is steady at -80H; NDSP Casselton, North Dakota is steady at -80H; Hastings, Nebraska, is steady at -86H; Lincoln, Nebraska, is 5 cents weaker at -45H; Aberdeen, South Dakota, is steady at -90H; Mitchell, South Dakota, is steady at -75H; and Mankato, Minnesota, steady at -35H. BN secondary shuttle freight for returns is not bid or offered, Feb. is bid plus $200 over against offers of plus $500 over and March is bid plus $250 over against offers of plus $400 over. UP secondary freight for returns is bid plus $200 over against no offers and February is not bid against offers of plus $500 over.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Friday was 56 cents under the March futures, 1 cent weaker than Thursday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Friday was 67 cents under the Kansas City March futures, unchanged from Thursday's basis. Spot premiums were steady to mixed with ordinary protein steady at +112; 11% through 11.2% was steady at +115; 11.4% was steady at +125; 11.6% was steady at +115; 11.8% was steady at +115; 12% through 12.4% was 23 at +115; 12.6 was down 5 at +115; 12.8% is steady at +120; 13% was unchanged at +125; 13.2% through 13.4 was down 2 at +128; 13.6% was steady at +130; 13.8% was steady at +137 and 14% was up 3 at +150. Gulf bid for spot 11% protein is up 5 at +115 with no protein bumps. PNW 11.5% is steady at +155, while Texas Gulf basis for 11% is 5 cents weaker at +180.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Friday was 15 cents under the MIAX Minneapolis March futures, unchanged from Thursday'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 not quoted; 13.5% proteins were unchanged at +155N; 14% proteins are unchanged to down 5 at +125N to +175; 14.5% proteins were not quoted; 15% proteins are unchanged to down 20 at +190N to +230 and 16% proteins were unchanged at +200N. Wheat receipts on the exchange floor were 41 cars, which includes one 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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