DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was steady at 33 cents under the March futures contract, while the DTN National Corn Index was down 2 cents at $3.96. The national average basis for soybeans was steady at 65 cents under the March futures, while the DTN National Soybean Index was down 5 cents at $10.45. 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 2 cents at $4.61. 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 unchanged at $5.55.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$3.96	-$0.02	-$0.33	Mar	-$0.002
Soybeans:	$10.45	-$0.05	-$0.65	Mar	-$0.005
SRW Wheat:	$4.73	$0.00	-$0.55	Mar	$0.006
HRW Wheat:	$4.61	-$0.02	-$0.67	Mar	$0.000
HRS Wheat:	$5.55	$0.00	-$0.16	Mar	-$0.006

CORN:

The national average corn basis for Monday was 33 cents under the March futures, unchanged from Friday's basis. PNW basis for April is 3 cents weaker at +105H, while Hereford, Texas, is not bid. FH Feb. CIF basis is 2 cents weaker at +103H and Feb. track St. Louis is steady at +26H. Processors are mixed with Cedar Rapids, Iowa, 3 cents stronger at -14H; 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 2 cents weaker at -59H; 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 Monday was 65 cents under the March futures, unchanged from Friday's basis. PNW basis for FH March is 3 cents weaker is steady at +112H. Feb. CIF basis is steady at +113H and Feb. track St. Louis is 9 cents weaker at +26H. 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 1 cent stronger at +6H. As temps are expected to warm up, the ice on the Illinois River will start to break up and hopefully not cause problems at locks. Meanwhile low water is causing draft restrictions currently from Cairo to St. Louis and we are also seeing water levels on the Lower Mississippi slowly fall again. Processors are mixed with Council Bluffs, Iowa, is steady at -50H; Des Moines, Iowa, is steady at -35H; Cedar Rapids, Iowa, is steady 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 steady at -45H; Aberdeen, South Dakota, is steady at -90H; Mitchell, South Dakota, is 5 cents weaker at -80H; and Mankato, Minnesota, 5 cents weaker at -40H. 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 Monday was 55 cents under the March futures, 1 cent stronger than Friday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Monday was 67 cents under the Kansas City March futures, unchanged from Friday'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% through; 12.6 was steady 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 steady 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 Monday was 16 cents under the MIAX Minneapolis March futures, 1 cent weaker than Friday'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 up 15 to down 5 at +140 to +170; 14.5% proteins were at +270; 15% proteins are up 5 to unchanged at +195 to +230 and 16% proteins were unchanged at +200N. Wheat receipts on the exchange floor were 31 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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