DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn is s1 cent weaker at 13 cents over the March futures contract, while the DTN National Corn Index is up 1 cent at $6.56. The national average basis for soybeans is steady at 21 cents under the January futures contract while the DTN National Soybean Index is up 14 cents at $14.65. The national average basis for hard red winter (HRW) wheat is steady at 32 cents under the March futures contract while the DTN National Hard Red Winter Wheat Index is down 4 cents at $8.13. The national average basis for hard red spring (HRS) wheat is 2 cents weaker at 31 cents under the March futures contract while the DTN National Hard Red Spring Wheat Index is up 8 cents at $8.79.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$6.56	$0.01	$0.13	Mar	-$0.001
Soybeans:	$14.65	$0.14	-$0.21	Jan	-$0.005
SRW Wheat:	$6.94	-$0.03	-$0.52	Mar	$0.003
HRW Wheat:	$8.13	-$0.04	-$0.32	Mar	$0.003
HRS Wheat:	$8.79	$0.08	-$0.31	Mar	$0.008

CORN:

The national average corn basis for Thursday is 13 cents over the March futures, 1 cent weaker than basis. Track PNW basis for December is at +160H and Hereford, Texas, is at +160H for December. CIF NOLA for December is at +115H while track St. Louis for December is at +21H. The water level there is at -1.5 feet below zero gauge and is expected to fall to minus 2 foot by Dec. 14 and then fall again, while the gauge at Memphis is at +3.07 feet and expected to rise to +5.4 feet by Dec. 14 and then start falling again. Processors' bids are steady to weaker with Cedar Rapids, Iowa, at option the March; Fort Dodge, Iowa, is at +50H; Council Bluffs, Iowa, is at +50H; Blair, Nebraska, is at +55H, Lincoln, Nebraska, is at +35H, and Hastings, Nebraska, is at +15H. BNSF secondary shuttle freight for returns is bid $500 over against no offers and December is bid $300 over against offers of $500 over. UP secondary freight for returns is bid $400 over against offers of $1,000 over and December is not bid.

SOYBEANS:

The national average soybean basis for Thursday is 21 cents under the January futures, unchanged from Wednesday's basis. Track PNW basis is bid at +220F for December, while CIF NOLA basis for December is at +130F and track St. Louis for December is at +40F. River basis in the mid-Mississippi at Burlington, Iowa, is at option the January and just north of St. Louis on the Mississippi River, Quincy, Illinois, is at +30F, while basis on the Illinois River at Havana, Illinois, is at +12F. Barge freight this week at St. Louis corridor is at 800%/850%; 875%/950% in the Illinois River corridor; 800%/850% in the lower Ohio River corridor; and 700%/750% in the Memphis Through Cairo Terms (MTCT) corridor. Processor basis in southern Minnesota is at +15F; Council Bluffs, Iowa, is at +55F; Cedar Rapids, Iowa, is at-30F; Volga, South Dakota, is at +10F; Aberdeen is -3F, and Lincoln, Nebraska, is at +55F.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Thursday is 52 cents under the March futures, unchanged from Wednesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Thursday is 32 cents under the Kansas City March futures, unchanged from Wednesday's basis. The KC spot cash premiums were steady with the premium for ordinary protein through 12.8% is +180H and 13% through 14% is at +180H. The Gulf track November bid for ordinary protein is at +156, and PNW 11.5% protein is at +200, while Texas Gulf 11% protein is at +185. There is talk that SRW wheat is seeing some demand in the feed sector. Egypt bought 260,000 metric tons of wheat from Russia in another private tender.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Thursday is 31 cents under the Minneapolis March futures, unchanged from Wednesday's basis. The Minneapolis spot spring wheat cash premiums closed as follows, based on Minneapolis March futures: 12% proteins were not quoted, 13% proteins were unchanged at +135N to +165N, 13.5% proteins were unchanged at +150N, 14% proteins were up 20 cents to down 15 cents at +185* to +230, 14.5% proteins were up 10 cents to up 45 cents at +165 to +200; 15% proteins were unchanged at +265N to +270N, and 16% proteins were not quoted. Wheat receipts on the exchange floor were 46 cars, which included one train(s).* Bid (B), Ask(A), Nominal(N). 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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