DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was 1 cent weaker at 38 cents under the December futures contract, while the DTN National Corn Index was up 1 cent at $3.94. The national average basis for soybeans was 1 cent stronger at 82 cents under the January futures contract, while the DTN National Soybean Index was up 8 cents at $10.34. The national average basis for hard red winter (HRW) wheat was 1 cent weaker at 69 cents under the December futures contract, while the DTN National Hard Red Winter Wheat Index was up 11 cents at $4.56. The national average basis for hard red spring (HRS) wheat was 1 cent stronger at 29 cents under the MIAX Minneapolis December futures contract, and the DTN National Hard Red Spring Wheat Index was up 4 cents at $5.24.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$3.94	$0.01	-$0.38	Dec	-$0.003
Soybeans:	$10.34	$0.08	-$0.82	Jan	$0.010
SRW Wheat:	$4.72	$0.10	-$0.62	Dec	$0.002
HRW Wheat:	$4.56	$0.11	-$0.69	Dec	-$0.005
HRS Wheat:	$5.24	$0.04	-$0.29	Dec	$0.012

CORN:

The national average corn basis for Friday was 38 cents under the December futures, 1 cent weaker than Thursday's basis. PNW basis is steady for November at +115Z, while Hereford, Texas, is steady at +100Z. CIF basis is 4 cents stronger at +86Z and track St. Louis is 5 cents stronger at +26Z. Processors are mixed with Cedar Rapids, Iowa, is 5 cents stronger at -21Z; Fort Dodge, Iowa, is steady at -38Z; Council Bluffs, Iowa, is 3 cents stronger at -22Z; Des Moines, Iowa, is steady at -20Z; Decatur, Illinois, is steady at -5Z; Mitchell, South Dakota, is 5 cents stronger at -58Z; Blair, Nebraska, is 5 cents stronger at -20Z; Hastings, Nebraska, is steady at -32Z; Lincoln, Nebraska, is steady at -47Z; Garden City, Kansas, is steady at -10Z; Columbus, Nebraska, is steady at -30Z; St. Paul, Minnesota river basis is 5 cents weaker at -35Z and Marshall, Minnesota, is steady at -35Z.

SOYBEAN:

The national average soybean basis for Friday was 82 cents under the January futures, 1 cent stronger than Thursday's basis. PNW basis for November is stronger moved to F at +105F. CIF basis for November moved to F at +80F and track St. Louis is moved to F at +17F. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is steady at +3X; St. Paul, Minnesota, is steady at -40X and basis on the Illinois River at Havana, Illinois, is 8 cents stronger at +10X. Processors are mixed with some movement to F. Council Bluffs, Iowa, is at -60F; Des Moines, Iowa, is at -35F; Cedar Rapids, Iowa, is steady at -15X; Sioux City is 5 cents weaker at -40X; Decatur, Illinois, is steady at option the X; Volga, South Dakota, is at -70F; Spiritwood, North Dakota, is at -85F; NDSP Casselton, North Dakota is 10 cents stronger at -80F; Hastings, Nebraska, is at -90F; Lincoln, Nebraska, is at -45F; Aberdeen, South Dakota, is 10 cents stronger at -90F; Mitchell, South Dakota, is 14 cents stronger at -76X; and Mankato, Minnesota, is at -25F. BN secondary shuttle freight for returns is bid plus $1000 over against no offers, FH Nov is bid plus $1000 over against offers of plus $1500 over and LH November is bid plus $700 over against offers of plus $1000 over. UP secondary freight for returns (Mexico option) is bid plus $600 over against no offers, FH Nov. (Mexico option) is bid plus $600 over against offers of plus $1100 and FH Nov. is bid plus $400 over against no offers.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Friday was 62 cents under the December futures, unchanged from Thursday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Friday was 69 cents under the Kansas City December futures, 1 cent weaker than Thursday's basis. Spot premiums were higher today as mills continue their buying spree and some of the push is due to logistic issues so mills need spot wheat for their grind. Ordinary protein is steady at +105; 11.0% through 11.2% was up 10 at +120; 11.4% through 11.6% is steady at +150; 11.8% through 12.4% is up 11 at +161;12.6 through 13.8% is steady at +135 and 14% is steady at +150. Gulf bid for spot 11% protein is steady at +100Z with no protein bumps. PNW 11.5% is 10 cents weaker at +160Z, while Texas Gulf basis for 11% is down 5 at +125Z. Traders noted that French wheat plantings are at 68% complete vs 57% last week, and frosts last week in Buenos Aries province did some damage to both the wheat and barley crops. They added we need to wait until next week to see how bad it is.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Friday was 29 cents under the MIAX Minneapolis December futures, 1 cent stronger than Thursday's basis. The MIAX Futures Exchange, LLC Floor Trading Summary of spot milling spring wheat cash premiums closed as follows, basis the December MIAX spring wheat futures: 12% proteins was at +115N; 13% proteins are not quoted; 13.5 proteins were down 25 at +110; 14 proteins were unchanged at +145N; 14.5% proteins were up 5 at +175; 15% proteins were up 40 to unchanged at +275 and 16% proteins were not quoted. Wheat receipts on the exchange floor were 16 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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