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 1 at $3.95. The national average basis for soybeans was steady at 65 cents under the March futures, while the DTN National Soybean Index was up 2 cents at $10.59. 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 up 8 cents at $4.72. The national average basis for hard red spring (HRS) wheat was steady at 16 cents under the MIAX Minneapolis March futures contract, while the DTN National Hard Red Spring Wheat Index was up 2 cents at $5.55.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$3.95	-$0.01	-$0.33	Mar	$0.002
Soybeans:	$10.59	$0.02	-$0.65	Mar	$0.003
SRW Wheat:	$4.83	$0.09	-$0.55	Mar	$0.001
HRW Wheat:	$4.72	$0.08	-$0.67	Mar	$0.002
HRS Wheat:	$5.55	$0.02	-$0.16	Mar	$0.001

CORN:

The national average corn basis for Wednesday was 33 cents under the March futures, unchanged from Tuesday's basis. PNW basis for April is steady at +103H, while Hereford, Texas, is not bid. FH Feb. CIF basis is 1 cent stronger at +101H and Feb. track St. Louis is steady at +26H. Processors are mixed with Cedar Rapids, Iowa, steady at -14H; Fort Dodge, Iowa, is steady at -29H; 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 -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 1 cent weaker at -36H.

SOYBEAN:

The national average soybean basis for Wednesday was 65 cents under the March futures, unchanged from Tuesday's basis. PNW basis for FH March is steady at +112H. Feb. CIF basis is steady at +113H and Feb. track St. Louis is steady at +26H. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 10 cents weaker at -5H; St. Paul, Minnesota, is steady at -62H and basis on the Illinois River at Havana, Illinois, is 1 cent stronger at +6H. Barge lines report that northbound and southbound transit is resuming on the Illinois River, but is slow going. The Mississippi River at Memphis is slowing falling again. Processors are mixed with Council Bluffs, Iowa, steady at -50H; Des Moines, Iowa, is 10 cents weaker at -45H; Cedar Rapids, Iowa, is steady at -45H; Sioux City is steady at -50H; Decatur, Illinois, is steady at +10H; 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 -81H; Lincoln, Nebraska, is steady at -45H; Aberdeen, South Dakota, is 10 cents weaker at -100H; Mitchell, South Dakota, is steady at -80H; and Mankato, Minnesota, is steady at -40H. BN secondary shuttle freight for returns is bid even money against offers of plus $250 over, Feb. is bid plus 150 over against no offers and March is bid plus $150 over against offers of plus $250 over. UP secondary freight for returns is bid plus $100 over against no offers and February is bid plus $150 over against offers of plus $300 over.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Wednesday was 55 cents under the March futures, unchanged from Tuesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Wednesday was 67 cents under the Kansas City March futures, unchanged from Tuesday's basis. Spot premiums were steady to higher, with mills looking for low proteins Wednesday. Ordinary protein was steady at +112; 11% through 11.6% was up 10 at +125; 11.8% through 12.2 was up 8 at +125; 12.4% was unchanged at +117;12.6% was up 2 at +117;12.8% is steady at +120; 13% was unchanged at +125; 13.2% through 13.4 was steady 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 down 15 at +165.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Wednesday was 16 cents under the MIAX Minneapolis March futures, unchanged from Tuesday'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 at +125; 14% proteins are up 10 to down 20 at +150; 14.5% proteins were down 40 to down 25 at +235 to +250; 15% proteins are unchanged at +145 to +230 and 16% proteins were unchanged at +200N. Wheat receipts on the exchange floor were 30 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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