DTN Daily Basis Comments

DAILY BASIS:

DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$3.37	-$0.05	-$0.37	Mar	$0.005
Soybeans:	$9.69	-$0.17	-$0.74	Mar	$0.004
SRW Wheat:	$4.10	-$0.08	-$0.37	Mar	-$0.006
HRW Wheat:	$3.67	-$0.11	-$0.91	Mar	$0.003
HRS Wheat:	$5.14	-$0.16	-$0.42	May	-$0.016

CORN:

The DTN National Corn Index for Thursday indicated a national average basis of 37 cents under the Chicago March futures contract, unchanged from Wednesday's basis.After reaching a seven month high during the session on Thursday, corn closed lower, with some pressure coming from double digit losses in wheat and soybeans. Export sales reported for corn were bullish, but it wasn't enough to keep the market from posting a loss on the day. The PNW is still fighting logistic issues as bad weather in Washington has been causing some flooding over tracks near Pasco. There was chatter in the market that China sold Japan a cargo of corn because of the shipping problems out of the PNW. The BNSF said shuttle trips per month are still lagging which is keeping basis delivered to the PNW firm.

SOYBEANS:

The DTN National Soybean Index for Thursday indicated a national average basis of 74 cents under the Chicago March futures contract, 1 cent stronger than Wednesday's basis. The market succumbed to Brazil harvest pressure and expectations for good weather in South America, closing near the low of the day. River basis remains firm and processor basis has been steady, but with the drop in cash price, basis will have to pick itself up. The DTN National Average Basis is at historical lows compared to the five year average and is currently 26 cents weaker than the minimum five year average.

SOFT RED WINTER WHEAT:

The DTN National Soft Red Winter Wheat Index for Thursday indicated a national average basis of 37 cents under the Chicago March futures, 1 cent stronger than Wednesday's basis.

HARD RED WINTER WHEAT:

The DTN National Hard Red Winter Wheat Index for Thursday indicated a national average basis of 91 cents under the Kansas City March futures contract, unchanged from Wednesday's basis. The protein premiums on the KC spot market were mixed with 11.4% 10 cents weaker, 11.6% and 11.8% 5 cents weaker and 13.2% protein was 5 cents stronger. Exports sales were good for wheat with winter wheat leading the way, but the market couldn't hang on to the good news as fund selling pulled the market lower on the day.

HARD RED SPRING WHEAT:

The DTN National Hard Red Spring Wheat Index for Thursday indicated a national average basis of 42 cents under the Minneapolis May futures contract, 2 cents weaker than Wednesday's basis. The Minneapolis spot HRS wheat cash market closed as follows, basis the Minneapolis May futures contract for No. 1 milling quality: 12% proteins were not quoted; 13% proteins were nominally unchanged at +70N; 13.5% proteins were not quoted; 14% proteins were down 5 cents to down 20 cents at +80* to +90A*; 14.5% proteins were at +110 and 15% proteins nominally unchanged to up 10 cents at +130N to +140. Receipts were 137 cars, which included five trains.* Wheat on the MGEX floor is traded delivered Chicago/beyond. The basis for No. 1 DNS 14 protein delivered to the PNW moved higher and is currently at +141H as logistics remain messy.

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

Follow Mary Kennedy on Twitter @MaryCKenn

(CC)

Copyright 2017 DTN/The Progressive Farmer. All rights reserved.