DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was unchanged at 31 cents under the March futures contract while the DTN National Corn Index was unchanged at $3.31. The national average basis for soybeans was 1 cent weaker at 69 cents under the March futures contract and the DTN National Soybean Index was down 7 cents at $9.10. The national average basis for HRW wheat was unchanged at 42 cents under the March futures contract while the DTN National Hard Red Winter Wheat Index was down 3 cents at $4.22. The national average basis for HRS wheat was 1 cent stronger at 15 cents under the March futures contract while the DTN National Hard Red Spring Wheat Index was down 6 cents at $5.89

DAILY BASIS CHART:

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$3.31	$0.00	-$0.31	Mar	$0.003
Soybeans:	$9.10	-$0.07	-$0.69	Mar	-$0.006
SRW Wheat:	$4.17	-$0.04	-$0.30	Mar	-$0.001
HRW Wheat:	$4.22	-$0.03	-$0.42	Mar	$0.003
HRS Wheat:	$5.89	-$0.06	-$0.15	Mar	$0.016

CORN:

The DTN National Corn Index for Friday indicated a national average basis of 31 cents under the Chicago March futures contract, unchanged from Thursday's basis. The corn market squeaked out a small loss, basically amounting to being unchanged. There is very little in the way of news to give corn a good sense of direction. As the wheat futures moved lower, corn became sympathetic, closing 1/4 cent lower Friday, giving back its big gain of 1/4 cent Thursday. However, overall for the week, March corn closed up 5 cents and December closed up 3 cents. Ethanol plant basis remained firm for the week and the basis for shuttles delivered to the PNW was 2 cents stronger. Farmers need more of an incentive to sell cash corn and if the futures can't help, basis will need to step up.

SOYBEANS:

The DTN National Soybean Index for Friday indicated a national average basis of 69 cents under the Chicago March futures contract, 1 cent weaker than Thursday's basis. Soybeans were lower Friday as funds continued to sell on reports of better weather forecasts in parts of South America. The March contract lost 6 3/4 cents for the week, as the gains we saw though the month of January continue to while away. Adding pressure to the market was weak export sales the prior week, coming in well below what the trade expected. Basis was pretty quiet overall with some plants pushing bids I to buy beans amid the recent losses in the cash price. River basis was flat overall, but basis on the Ohio River was weaker as barges have been able to make their way up and down now that conditions have improved. Freight was higher last week as end users are needing barges sooner than later to catch up with shipments.

SOFT RED WINTER WHEAT:

The DTN National Soft Red Winter Wheat Index for Friday indicated a national average basis of 30 cents under the Chicago March 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 42 cents under the Kansas City March futures contract, unchanged from Thursday's basis. The KC spot premium for 11.8% protein through 12.2% protein was 5 cents weaker Friday and 14% protein was 10 cents weaker. Even with the futures rally slowing by the end of the week, the KC March gained 20 1/4 cents for the week, mainly driven by the early week rally on NASS state reports of very dry and worsening conditions in the crop.

HARD RED SPRING WHEAT:

The DTN National Hard Red Spring Wheat Index for Friday indicated a national average basis of 15 cents under the Minneapolis March futures contract, 1 cent stronger than Thursday's basis. The Minneapolis spot hard red spring wheat cash market closed as follows, basis the Minneapolis March futures contract for #1 milling quality: 12% proteins were unchanged at +35N; 13% proteins were not quoted; 13.5% proteins were not quoted; 14% proteins were up 5 cents at +110*; 14.5% proteins were at +130 and 15% proteins were down 5 cents to unchanged at +150 to +155. Receipts were 35 cars, which included one 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

(BAS)

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