DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was unchanged at 41 cents under the December futures contract while the DTN National Corn Index was down 2 cents at $3.27. The national average basis for soybeans was 1 cent stronger at 99 cents under the November futures contract while the DTN National Soybean Index was down 6 cents at $7.51. The national average basis for HRW wheat was unchanged at 36 cents under the December futures contract while the DTN National Hard Red Winter Wheat Index was down 10 cents at $4.61. The national average basis for HRS wheat was 1 cent weaker at 55 cents under the December futures contract, while the DTN National Hard Red Spring Wheat Index was down 7 cents at $5.24.

DAILY BASIS CHART:

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$3.27	-$0.02	-$0.41	Dec	$0.002
Soybeans:	$7.51	-$0.06	-$0.99	Nov	$0.010
SRW Wheat:	$4.62	-$0.10	-$0.38	Dec	$0.000
HRW Wheat:	$4.61	-$0.10	-$0.36	Dec	$0.002
HRS Wheat:	$5.24	-$0.07	-$0.55	Dec	-$0.005

CORN:

The DTN National Corn Index for Wednesday indicated a national average basis of 41 cents under the Chicago December futures contract, unchanged from Tuesday's basis. The corn market ended the day slightly lower following the losses in the wheat market. The market was also under pressure from the ongoing harvest as farmers push to finish. DTN weather calls for light to locally moderate rain that may lead to delays during Friday through northwest and southeast areas. Shuttle basis delivered to the Pacific Northwest weakens as harvest progresses, sending corn to the elevators for loading. The St. Louis rail and CIF NOLA basis was stronger as river conditions improve in the Upper Mississippi River, allowing the all the closed locks to now be open. The water levels in St. Louis are falling, still at 26.3 feet, so safety protocols remain in place.

SOYBEANS:

The DTN National Soybean Index for Wednesday indicated a national average basis of 99 cents under the Chicago November futures contract, 1 cent stronger than Tuesday's basis. Soybeans were lower, partially under pressure from weaker soymeal futures. Pressure also came from noncommercial selling pushing the November contract to its lowest level in nine days. Like corn, harvest pressure is also weighing on the market. Some processors in the Midwest have been reported as slowing deliveries to the plant in order to grind through what they have. If processors should fill up, that will put pressure on the basis. CIF NOLA basis has weakened a little as demand at the Gulf has been slowing.

SOFT RED WINTER WHEAT:

The DTN National Soft Red Winter Wheat Index for Wednesday indicated a national average basis of 38 cents under the Chicago December futures, unchanged from Tuesday's basis.

HARD RED WINTER WHEAT:

The DTN National Hard Red Winter Wheat Index for Wednesday indicated a national average basis of 36 cents under the Kansas City December futures contract, 1 cent stronger than Tuesday's basis. The cash price took another hit, as the market has no demand to speak of other than the usual buyers. The KC spot market for 12.6% proteins was up 15 cents, up 10 cents for 12.8% and up 5 cents for 13% through 13.8%. Mills will pay up for specific proteins when they show up in the market as long as they need it.

HARD RED SPRING WHEAT:

The DTN National Hard Red Spring Wheat Index for Wednesday indicated a national average basis of 55 cents under the Minneapolis December futures contract, 1 cent weaker than Tuesday'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 at +70*; 13.5% proteins were down 5 cents to down 2 cents at +80* to +83; 14% proteins were up 10 cents to up 5 cents at +90; 14.5% proteins were at +100; and 15% proteins were up 20 cents to unchanged at +115. Receipts were 88 cars, which included two trains. (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

(BE)

Copyright 2018 DTN/The Progressive Farmer. All rights reserved.