The national average basis for corn was steady at 18 cents under the December futures contract and the DTN National Corn Index was unchanged at $3.69. The national average basis for soybeans was 1 cent stronger at 69 cents under the November futures contract while the DTN National Soybean Index was down 12 cents at $8.51. The national average basis for HRW wheat was steady at 3 cents weaker at 28 cents under the December futures contract while the DTN National Hard Red Winter Wheat Index was up 3 cents at $3.97. The national average basis for HRS wheat was 5 cents weaker at 34 cents under the December futures contract while the DTN National Hard Red Spring Wheat Index was down 14 cents at $4.94.
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The DTN national average corn basis for Monday is at 17 cents under the December futures, 1 cent stronger than Friday's basis. December corn was down 2 3/4 cents in spite of rain hitting the Eastern Corn Belt the past weekend into this week, stalling harvest activity. However, weather conditions seem to favor most everywhere else and especially the colder weather in the upper Midwest that could harden the muddy fields in the Dakotas, making harvest there easier to navigate. Weekly corn inspections were not great for the corn market, with inspections totaling 15.0 million bushels (mb) for the week ended Oct. 24, well below the 39.6 mb needed each week to reach USDA's export estimate. Total inspections for 2019-20 are now down 60% from the same period last year. The basis for corn delivered to the Pacific Northwest was 2 cents stronger at +105Z for November. Secondary shuttle freight prices have backed down with no bids or offers posted for first half November. Ethanol plant basis remains mixed, but the recent surge in the ethanol cash price and is helping plant margins for now.SOYBEANS:
The DTN national average soybean basis for Monday is at 69 cents under the November futures, unchanged from Friday's basis. November soybeans posted a meager 1/2 cent gain in spite of strong weekly inspections reported by the USDA Monday morning. Soybean inspections totaled 57.6 mb for the week ending Oct.24, above the 34.2 mb needed weekly to reach USDA's current export estimate. Total inspections for 2019-20 are now up 9% from the previous year. The USDA also noted in its daily private exports reporting system that 135,000 metric tons of soybean cake and meal was sold for delivery to the Philippines during the 2019-20 marketing year. The lack of excitement in the market to start the week likely came from expectations that soybean harvest is picking up in the Midwest. The basis for shuttles delivered to the PNW was 15 cents weaker for the balance of October and first half November, while CIF NOLA was down 2 cents. It is interesting to see processor bids remain firm as harvest moves along, but the lack of soybean cash movement to the plants is keeping basis from falling lower right now.SOFT RED WINTER WHEAT:
The DTN national average SRW wheat basis for Monday is at 17 cents under the Chicago December futures, 2 cents weaker than Friday's basis.HARD RED WINTER WHEAT:
The DTN national average HRW wheat basis for Monday is at 28 cents under the Kansas City December futures, 3 cents weaker than Friday's basis. The spot basis for lower proteins continues to strengthen with ords up 19 cents Monday, 11% protein up 6 cents and 11.2% up 1 cent. The cash price was lower on the day with the December futures hitting its lowest point in 11 sessions, thanks in part to technical selling on the day. Fall planting continues, but there will be some spots in the U.S. Northern Plains that may not get planted due to the early snows causing producers to leave unharvested spring wheat in fields and also scrambling to finish the fall soybeans harvest.HARD RED SPRING WHEAT:
The DTN national average HRS wheat basis for Monday is at 34 cents under the Minneapolis December futures, 5 cents weaker than Friday's basis. The Minneapolis spot spring wheat cash market closed as follows, basis the Minneapolis December futures contract for No. 1 milling quality: 12% proteins were not quoted; 13% proteins were not quoted; 13.5% proteins were up 30 to 45 cents at +155B to +170A; 14% proteins were up 25 cents to up 30 cents at +170* to +175*; 14.5% proteins were unchanged at +155N to +175N; 15% proteins were up 25 cents to up 40 cents at +175B* to +200. Receipts were 87 cars, which included three trains.* (Bid=B Ask=A Nominal=N) Wheat on the MGEX floor is traded delivered Chicago/beyond.
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