The national average basis for corn was unchanged at 37 cents under the May futures contract, while the DTN National Corn Index was down 3 cents at $3.53. The national average basis for soybeans was unchanged at 79 cents under the May futures contract, while the DTN National Soybean Index was down 25 cents at $9.60. The national average basis for HRW wheat was unchanged at 47 cents under the May futures contract while the DTN National Hard Red Winter Wheat Index was down 13 cents at $4.74. The national average basis for HRS wheat was unchanged at 21 cents under the May futures contract while the DTN National Hard Red Spring Wheat Index was down 7 cents at $5.97.DAILY BASIS CHART:
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The DTN National Corn Index for Friday indicated a national average basis of 37 cents under the Chicago May futures contract, unchanged from Thursday's basis. The corn market closed lower after posting gains on Thursday as traders decided to take profits going in to the weekend. While there is some rain forecasted for parts of Argentina, it may be too little too late at this point as the much of the crop is past the growth stage where it may have helped. Going forward, the next game changer could be what the USDA March planting intentions has to say and if acres will increase from last year. Basis was steady for the most part, but the shuttle basis for delivery to the PNW was 3 cents weaker and the CIF Gulf basis was 7 cents weaker. High water continues to disrupt barge traffic on the Illinois and Ohio Rivers, but mainly in the lower Mississippi River and in to the Baton Rouge and Louisiana harbors. USDA noted in their weekly GTR that for the week ending March 6, barge rates for export grain at major originating locations had a weekly increase of 22% to 34% due to the disruptions. For the week, May corn closed up 5 1/4 cents and the DTN national average basis was unchanged from one week ago Friday.SOYBEANS:
The DTN National Soybean Index for Friday indicated a national average basis of 79 cents under the Chicago May futures contract, unchanged from Thursday's basis. Soybeans were lower Friday as another day of fund selling pulled the market sharply lower. This in spite of a daily announcement Friday by the USDA reporting a 183,000 metric tons sale of soybeans for delivery to China during the 2017/2018 marketing year. Soybean meal and soy oil were victims as well, with May soybean meal futures down $19.30 for the week, while May soybean oil futures were down 64 basis points. Processor basis was mixed, with some plants remaining unchanged while others posted weaker basis. Basis at southern Minnesota plants was 2 cents weaker, 1 cent weaker in south central Nebraska and 18 cents weaker in east central South Dakota. River basis on the Ohio and Illinois Rivers was weaker as the high water continues to slow barges, but there was good progress late last week on the Illinois River. There are still bridge clearance issues on the Ohio River at Cairo, Il. For the week, the May soybean contract was down 31 3/4 cents and the DTN national average basis was unchanged from one week ago Friday.SOFT RED WINTER WHEAT:
The DTN National Soft Red Winter Wheat Index for Friday indicated a national average basis of 35 cents under the Chicago May 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 47 cents under the Kansas City May futures contract, unchanged from Thursday's basis. The cash price moved lower after the market digested the USDA increase to the wheat carryout, while cutting the all wheat export expectations by 25 million bushels. However, now the market key focus will revert back to the lack of significant moisture in the southern Plains as wheat comes out of dormancy. The next few weeks will be key for the crop to receive moisture. For the week, the May contract was down 13 1/4 cents and the DTN national average basis was 1-cent stronger than one week ago Friday.HARD RED SPRING WHEAT:
The DTN National Hard Red Spring Wheat Index for Friday indicated a national average basis of 21 cents under the Minneapolis May futures contract, unchanged from Thursday's basis. The Minneapolis spot hard red spring wheat cash market closed as follows, basis the Minneapolis May futures contract for #1 milling quality: 12% proteins were not quoted; 13% proteins were not quoted; 13.5% proteins were at +135; 14% proteins were unchanged at +145N to +160N; 14.5% proteins were not quoted and 15% proteins were down 5 cents to unchanged at +165 to +180. Receipts were 21 cars, which included zero trains.* (Bid=B Ask=A Nominal=N) Wheat on the MGEX floor is traded delivered Chicago/beyond.
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