DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn is 1 cent weaker at 13 cents over the March futures contract, while the DTN National Corn Index is up 10 cents at $6.67. The national average basis for soybeans is unchanged at 22 cents under the January futures contract while the DTN National Soybean Index is down 23 cents at $14.39. The national average basis for hard red winter (HRW) wheat is 1 cent stronger at 31 cents under the March futures contract while the DTN National Hard Red Winter Wheat Index is up 30 cents at $8.32. The national average basis for hard red spring (HRS) wheat is 1 cent stronger at 29 cents under the March futures contract while the DTN National Hard Red Spring Wheat Index is up 15 cents at $8.87.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$6.67	$0.10	$0.13	Mar	-$0.004
Soybeans:	$14.39	-$0.23	-$0.22	Jan	$0.000
SRW Wheat:	$7.04	$0.21	-$0.51	Mar	$0.001
HRW Wheat:	$8.32	$0.30	-$0.31	Mar	$0.009
HRS Wheat:	$8.87	$0.15	-$0.29	Mar	$0.005

CORN:

The national average corn basis for Monday is 13 cents over the March futures, 1 cent weaker than Friday's basis. Track PNW basis for December is steady at +160H, while January is bid +145H and Hereford, Texas, is steady at +160H for December. CIF NOLA for December is at +109H while track St. Louis for December is 1 cent weaker at +20H. The water level there is at -2.5 feet below zero gauge and is expected to rise to 2.4 feet above zero gauge by Dec. 19 and then fall again, while the gauge at Memphis is at +5.01 feet and expected to rise to +5.5 feet by Dec. 15 and then start falling again. Processors' bids are steady to weaker with Cedar Rapids, Iowa, 4 cents weaker -12H; 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 steady at +10H. BNSF secondary shuttle freight for returns is not bid or offered and December is bid $600 over against offers of $1200 over. UP secondary freight for returns is bid $400 over against offers of $1,000 over and December is bid +$200 over and offered at +800 over.

SOYBEANS:

The national average soybean basis for Monday is 22 cents under the January futures, unchanged from Friday's basis. Track PNW basis is steady at +230F for December and +225 for first-half January, while CIF NOLA basis for December is at +144F and track St. Louis is steady for December is at +44F. River basis in the mid-Mississippi at Burlington, Iowa, is steady at -4F and just north of St. Louis on the Mississippi River, Quincy, Illinois, is 2 cents weaker at +28F, while basis on the Illinois River at Havana, Illinois, is steady at +12F. Barge freight this week is steady to higher with St. Louis corridor at 800%/850%; 900%/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 -5H to +15F; Council Bluffs, Iowa, is at +45F; Cedar Rapids, Iowa, is at-30F; Sioux City is at +10F; 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 Monday is 51 cents under the March futures, unchanged from Friday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Monday is 31 cents under the Kansas City March futures, 1 cent stronger than Friday's basis. The KC spot cash premiums were weaker as contracted cars are making their way to the mills. The premium for ordinary protein through 14% is 10 cents weaker at +170H. 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. In export news, Algeria is back tendering for February shipment and while Russia wheat remains the cheapest, problematic logistics could change that.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Monday is 29 cents under the Minneapolis March futures, 1 cent stronger than Friday'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 +190N, 13.5% proteins were not quoted, 14% proteins were unchanged to up 10 cents at +185N to +240, 14.5% proteins were unchanged at +165N to +200N; 15% proteins were unchanged at +265N to +275, and 16% proteins were not quoted. Wheat receipts on the exchange floor were 4 cars, which included zero 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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