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The DTN National Corn Index for Friday indicated a national average basis of 45 cents under the Chicago December futures contract, unchanged from Thursday's basis. Thanks to some profit taking on Friday, the corn market was able to post slight gains, but ended the week in the loss column. Once the southern harvest gets going full speed, the market will keep a close watch on yields. So far there are reports of mixed yields, but it's still early in the harvest. For the week, the December contract was down 2 cents and the DTN national average basis was unchanged from one week ago Friday. The CIF Gulf basis was down 1 cent at +14Z and the PNW shuttle basis down 2 cents. The demand picture needs a shot in the arm to give the basis something positive to react to.SOYBEANS:
The DTN National Soybean Index for Friday indicated a national average basis of 68 cents under the Chicago November futures contract, 1 cent weaker than Thursday's basis. Soybeans were lower Friday, but managed to post gains overall for the week. The market is still uncertain about the yield picture and is being cautious as harvest gets going and we have a better look at reality. For the week, the November contract was up 6 3/4 cents and the DTN national average basis was 4 cents weaker from one week ago Friday. The CIF Gulf basis was down 2 cents at +35X and PNW shuttle basis was down 5 cents. Processors continue to be the biggest factor as they move spot bids equal to new crop basis, in some cases 5 to 10 cents lower. River terminal basis is still under pressure from lock repairs on the river system and now low water is causing problems. Over the weekend 2 tows went aground at MM 77 on the Illinois River and sources report that if a clear channel cannot be established at that point, the river will have to be dredged, causing more extensive delays.SOFT RED WINTER WHEAT:
The DTN National Soft Red Winter Wheat Index for Friday indicated a national average basis of 43 cents under the Chicago December futures, unchanged from Thursday's basis.HARD RED WINTER WHEAT:
The DTN National Hard Red Winter Wheat Index for Friday indicated a national average basis of 81 cents under the Kansas City December futures contract, unchanged from Thursday's basis. The KC spot market was quiet Friday, but could come under pressure if the recent uptick in the cash price entices farmers to move wheat. For the week, the December futures contract gained 4 1/2 cents for the week and the DTN national average basis was up 2 cents from one week ago Friday.HARD RED SPRING WHEAT:
The DTN National Hard Red Spring Wheat Index for Friday indicated a national average basis of 50 cents under the Minneapolis December futures contract, 1 cent 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 unchanged to up 5 cents at +40N to +45*; 14% proteins were down 10 cents to down 5 cents at +55* to +65A; 14.5% proteins were unchanged at +70 and 15% proteins were unchanged at +100N to +124N. Receipts were 64 cars, which included two trains*. (Bid=B Ask=A) Wheat on the MGEX floor is traded delivered Chicago/beyond. For the week, the DTN national average spring wheat basis was up 2 cents from one ago Friday, and the December futures lost 25 1/4 cents.
Mary Kennedy can be reached at firstname.lastname@example.org
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