DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was 2 cents weaker at 11 cents over the December futures contract, while the DTN National Corn Index was down 8 cents at $6.97. The national average basis for soybeans was 1 cent weaker at 29 cents under the November futures contract and the DTN National Soybean Index was down 19 cents at $14.32. The national average basis for hard red winter (HRW) wheat was unchanged at 42 cents under the December futures contract while the DTN National Hard Red Winter Wheat Index was up 4 cents at $9.25. The national average basis for hard red spring (HRS) wheat was unchanged at 53 cents under the December futures contract and the DTN National Hard Red Spring Wheat Index was up 5 cents at $9.11.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$6.97	-$0.08	$0.11	Dec	-$0.016
Soybeans:	$14.32	-$0.19	-$0.29	Nov	-$0.013
SRW Wheat:	$8.42	$0.11	-$0.62	Dec	$0.006
HRW Wheat:	$9.25	$0.04	-$0.42	Dec	-$0.001
HRS Wheat:	$9.11	$0.05	-$0.53	Dec	-$0.001

CORN:

The national average corn basis for Wednesday is 11 cents over the December futures, 1 cent weaker than Tuesday's basis. Track PNW basis for November is steady at +155Z and December is +160Z. CIF NOLA for September is steady at +120Z and +110 for October, while track St. Louis is unchanged at +20Z for September and +10Z for October. Cedar Rapids, Iowa, is 10 cents weaker at +50Z through this week; Fort Dodge, Iowa, is steady at +85Z for September and +25Z for first-half October; Council Bluffs, Iowa, is steady at +60Z; and Blair, Nebraska, is steady at +40Z for balance September and +15Z for Oct. 1-10. Current basis levels are showing harvest pressure, but bids November forward are at a carry. BNSF secondary shuttle freight for late September through Oct. 5 is 400 over against offers of $800 and October is bid at $1000 over against offers of $1500 over. UP secondary freight is not bid or offered for September and October is bid $1000 over against offers of $2000 over.

SOYBEANS:

The national average soybean basis for Wednesday is 29 cents under the November futures, 1 cent weaker than Tuesday's basis. Track PNW basis for last-half September is 5 cents stronger at +200X and first-half October is 10 cents stronger at +195X, while last half October is 5 cents stronger at +190X. CIF NOLA basis is steady at +170X for September and steady at +120X for October. There are still higher spot bids for loaded barges with top-quality beans that will arrive at the Gulf by Friday. Track St. Louis is steady at +40X for spot beans and +10X for October. River basis in the mid-Mississippi at Burlington is 8 cents stronger at -2X and 30 cents stronger at +100X just north of St. Louis on the Mississippi River at Quincy, while basis on the Illinois River at Havana is 5 cents weaker at +21X. The river at St. Louis is at 1.4 feet above zero gauge and is expected to fall to -1.5 feet by early October. Levels at Memphis are -5.5 feet and expected to fall to -6.4 feet by early October. Reduced barge drafts and reduced tow sizes in some spots continue to be in force in most of the lower Mississippi.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Wednesday is 62 cents under the December futures, unchanged from Tuesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Wednesday is 42 cents under the Kansas City December futures, unchanged from Tuesday's basis. The KC spot protein premiums were steady to higher. Ordinary protein through 11.8% was unchanged at +140Z, 12% through 12.6% was up 10 cents at +152 and 12.8% through 14% was unchanged at +142. Texas Gulf 11% protein was steady at +230 and PNW 11.5% was steady at +260.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Wednesday is 53 cents under the Minneapolis December futures, unchanged from Tuesday's basis. The Minneapolis spot spring wheat cash premiums closed as follows, based on Minneapolis December futures: 12% proteins were not quoted, 13% proteins were not quoted, 13.5% proteins were down 10 cents to unchanged at +105* to +120N, 14% proteins were up 30 cents to up 10 cents at +140 to +160, 14.5% proteins were unchanged at +95N to +125N, 15% proteins were down 5 cents to unchanged at +105 to 170, and 16% proteins were unchanged at +160N. Wheat receipts on the exchange floor were 122 cars, which included three train(s).* MGEX Daily Grain Prices are Delivered Chicago/Beyond: Spot No. 1 Milling Northern/Dark Northern Spring Wheat.

Mary Kennedy can be reached at mary.kennedy@dtn.com

Follow her on Twitter @MaryCKenn

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