DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was unchanged at 33 cents under the December futures contract and the DTN National Corn Index was down 2 cents at $3.32. The national average basis for soybeans was 1 cent stronger at 90 cents under the January futures contract while the DTN National Soybean Index was up 5 cents at $8.02. The national average basis for HRW wheat was unchanged at 28 cents under the December futures contract while the DTN National Hard Red Winter Wheat Index was up 3 cents at $4.55. The national average basis for HRS wheat was 2 cents stronger at 40 cents under the December futures contract, and the DTN National Hard Red Spring Wheat Index was down 1 cent at $5.31.

DAILY BASIS CHART:

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$3.32	-$0.02	-$0.33	Dec	$0.004
Soybeans:	$8.02	$0.05	-$0.90	Jan	$0.010
SRW Wheat:	$4.75	$0.01	-$0.32	Dec	-$0.007
HRW Wheat:	$4.55	$0.03	-$0.28	Dec	$0.006
HRS Wheat:	$5.31	-$0.01	-$0.40	Dec	$0.022

CORN:

The DTN National Corn Index for Friday indicated a national average basis of 33 cents under the Chicago December futures contract, unchanged from Thursday's basis. The corn market closed lower in spite of a bullish weekly export sales and shipments report posted by the USDA on Friday. The weather forecast for dry weather throughout much of the Corn Belt put pressure on the market as farmers should be able to finally bring the corn harvest to a close, except in areas of the Dakota's that were receiving snow over the weekend. For the week, December corn was down 5 cents and July was down 6 cents. Ethanol plant basis was stronger as farmers have not been selling much cash corn lately. The BNSF shuttle basis for corn delivered to the PNW was 1 cents weaker, but rail basis delivered to St. Louis was 2 cents weaker. With the Upper Mississippi River last departure date occurring Nov. 18, bids farther south will likely strengthen.

SOYBEANS:

The DTN National Soybean Index for Friday indicated a national average basis of 90 cents under the Chicago November futures contract, 1 cent stronger than Thursday's basis. Soybeans finished higher Friday in spite of a bearish USDA export sales and shipments of soybeans showing total exports down 42% from a year ago and total commitments down 32% from a year ago. In their daily reporting of export business, USDA did announce export sales of 100,000 metric tons of soybeans for delivery to unknown destinations during the 2018/2019 marketing year. For the week, January soybeans were up 5 1/2 cents and July was up 4 cents. Processor basis was mixed, with CIF Nola basis 1 cent weaker and rail delivered to St. Louis 2 cents weaker. River terminal bids were mixed, but Upper Mississippi River basis, like corn, no longer in the mix as Sunday was the last day for barges to get moving downriver to get past the winter Lock 11 closure.

SOFT RED WINTER WHEAT:

The DTN National Soft Red Winter Wheat Index for Friday indicated a national average basis of 32 cents under the Chicago January futures, 1 cent weaker than Thursday's basis.

HARD RED WINTER WHEAT:

The DTN National Hard Red Winter Wheat Index for Friday indicated a national average basis of 28 cents under the Kansas City December futures contract, unchanged from Thursday's basis. The Gulf basis was unchanged, but domestic bids were 10 cents stronger, trying to catch up with the jump we saw in the Gulf recently. The KC spot market was stronger to end the week spot 11% proteins up 7 cents, 12% proteins up 20 cents and 13% proteins up 16 cents on average for the week. We could see basis back off as we head to the roll from the Dec to the March by the end of next week.

HARD RED SPRING WHEAT:

The DTN National Hard Red Spring Wheat Index for Friday indicated a national average basis of 40 cents under the Minneapolis December futures contract, 2 cents stronger than Thursday's basis. The Minneapolis spot HRS wheat cash market closed as follows, basis the Minneapolis December futures contract for #1 milling quality: 12% proteins were not quoted; 13% proteins were not quoted; 13.5% proteins were down 15 cents to down 20 cents at +115*; 14% proteins were down 25 cents at +115*; 14.5% proteins were not quoted; 15% proteins were unchanged at +145N to +150 and 16% proteins were at +115. Receipts were 60 cars, which included two train. (Bid=B Ask=A Nominal=N) Wheat on the MGEX floor is traded delivered Chicago/beyond.

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

Follow Mary Kennedy on Twitter @MaryCKenn

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