DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was unchanged at 44 cents under the December futures contract while the DTN National Corn Index was up 1 cent at $3.09. The national average basis for soybeans was unchanged at 80 cents under the November futures contract while the DTN National Soybean Index was down 5 cents at $8.96. The national average basis for HRW wheat was unchanged at 73 cents under the December futures contract, while the DTN National Hard Red Winter Wheat Index was up 1 cent at $3.61. The national average basis for HRS wheat was 1 cent weaker at 40 cents under the December future contract while the DTN National Hard Red Spring Wheat Index was up 4 cents at $5.80.

DAILY BASIS CHART:

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$3.09	$0.01	-$0.44	Dec	$0.000
Soybeans:	$8.96	-$0.05	-$0.80	Nov	$0.003
SRW Wheat:	$4.00	$0.02	-$0.38	Dec	$0.006
HRW Wheat:	$3.61	$0.01	-$0.73	Dec	$0.005
HRS Wheat:	$5.80	$0.04	-$0.40	Dec	-$0.009

CORN:

The DTN National Corn Index for Tuesday indicated a national average basis of 44 cents under the Chicago December futures contract, unchanged from Monday's basis. Corn found a little support from the wheat market and also from Monday's crop progress report showing that 38% of corn was harvested versus the five-year average of 59%. Progress was slowest in Iowa, Minnesota and the Dakotas where producers are still harvesting soybeans. Basis remains a broken record with nothing really going on as farmers are busy with harvest. Basis on the PNW was weaker for December arrival as bids for November remain unposted while exporters concentrate on loading soybeans.

SOYBEANS:

The DTN National Soybean Index for Tuesday indicated a national average basis of 80 cents under the Chicago November futures contract, unchanged from Monday's basis. A higher U.S. dollar and better weather forecasted for parts of Brazil sent soybeans lower Tuesday. DTN weather calls for some beneficial showers and cooler temperatures early this week in central Brazil, but more rain will be needed after hot, dry weather has stalled planting there. Basis remains flat as harvest continues to pressure prices. Gulf basis was 5 cents weaker at +15 as barges struggle to get south with some parts of the river system still experiencing slowdowns. Barge freight is lower as most terminals have freight on station to load so demand has eased.

SOFT RED WINTER WHEAT:

The DTN National Soft Red Winter Wheat Index for Tuesday indicated a national average basis of 38 cents under the Chicago December futures, 1 cent stronger than Monday's basis.

HARD RED WINTER WHEAT:

The DTN National Hard Red Winter Wheat Index for Tuesday indicated a national average basis of 73 cents under the Kansas City December futures contract, unchanged from Monday's basis. Spot basis remains firm as domestic demand is still good. Gulf basis is strong, but most of what is loading there right now is corn and soybeans. The PNW HRW wheat basis is steady at +165KWZ for 11.5% milling quality. The strength in the 14 pro spring wheat spot premiums is also helping keep HRW spot premium values in line.

HARD RED SPRING WHEAT:

The DTN National Hard Red Spring Wheat Index for Tuesday indicated a national average basis of 40 cents under the Minneapolis December futures contract, 1 cent weaker than Monday'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 nominally (N) unchanged at +100N; 14% proteins were unchanged at +130N to +150*; 14.5% proteins were not quoted and 15% proteins were unchanged at +160N to +170N. Receipts were 26 cars, which included one train*. (Bid=B Ask=A) 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

(BAS)

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