DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn is steady at 13 cents over the March futures contract, while the DTN National Corn Index is up 6 cents at $6.80. The national average basis for soybeans is 1 cent stronger at 22 cents under the January futures contract while the DTN National Soybean Index is up 12 cents at $14.57. The national average basis for hard red winter (HRW) wheat is 2 cents weaker at 33 cents under the March futures contract while the DTN National Hard Red Winter Wheat Index is up 6 cents at $8.41. The national average basis for hard red spring (HRS) wheat is 4 cents weaker at 27 cents under the March futures contract while the DTN National Hard Red Spring Wheat Index is up 6 cents at $9.05.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$6.80	$0.06	$0.13	Mar	$0.001
Soybeans:	$14.57	$0.12	-$0.22	Jan	$0.004
SRW Wheat:	$7.23	$0.13	-$0.53	Mar	-$0.008
HRW Wheat:	$8.41	$0.06	-$0.33	Mar	-$0.025
HRS Wheat:	$9.05	$0.06	-$0.27	Mar	-$0.039

CORN:

The national average corn basis for Friday is 13 cents over the March futures, unchanged from Thursday's basis. The PNW basis for December is +180H, while January is +165H and Hereford basis is +170H for December. CIF NOLA for January is at +110H while track St. Louis is steady at +17H. The water level at St. Louis is at -1.66 feet below zero gauge and is expected to then fall back to -5.5 feet below zero gauge by Dec. 30 and fluctuate a little but stay below zero gauge. The gauge at Memphis is at +3.51 feet and falling. Processors' bids are steady with Cedar Rapids, Iowa, at -10H; Fort Dodge, Iowa, at +45H; Council Bluffs, Iowa, is steady at +63H; Blair, Nebraska, is 15 cents weaker +55H; Lincoln, Nebraska, is at +35H; and Hastings, Nebraska, is at +10H and Marshall, Minnesota is +25H. BN secondary shuttle freight offers and bids have disappeared until first-half January, which is bid +1000 over against no offers. UP prices are bid $1000 over for returns and December against no offers and January is bid $1000 over against offers of $1500 over.

SOYBEANS:

The national average soybean basis for Friday is 22 cents under the January futures, 1 cent stronger than Thursday's basis. The PNW basis for December is +235F and first-half January is bid +225F. CIF NOLA basis for December is at +145F and track St. Louis is 2 cents stronger for December at +48F. River basis on the Ohio River at Cincinnati was steady at +32F; north of St. Louis on the Mississippi River at Quincy, Illinois, is at +23F; while basis on the Illinois River at Havana, Illinois, is steady at +12F. The extreme cold last week was causing icing on the Illinois River and as it warms up, we may see some bunching happening so tows are taking it slow for now or waiting for conditions to improve. Processor basis in southern Minnesota is at -5F 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 +40F.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Friday is 53 cents under the March futures, unchanged from Thursday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Friday is 33 cents under the Kansas City March futures, 2 cents weaker than Thursday's basis. The KC spot cash premiums checked out early for the long Christmas weekend and stayed steady. The premium for ordinary proteins through 11.8% was steady at +190 and 12% protein though 14% were steady at +195. The Gulf track November bid for ordinary protein is at +156, and PNW 11.5% protein is at +210, while Texas Gulf 11% protein is at +185. There is still underlying concern for some winterkill damage across parts of the HRW and SRW regions from eastern Colorado through Kansas and into Missouri and Illinois according to winter wheat traders.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Friday is 27 cents under the Minneapolis March futures, 4 cents weaker than Thursday'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 not quoted, 13.5% proteins were not quoted, 14% proteins were unchanged at +210N to +240N, 14.5% proteins were unchanged at +200N; 15% proteins were unchanged at+240N to +300N, and 16% proteins were not quoted. Wheat receipts on the exchange floor were zero 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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