DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn is 5 cents weaker at 7 cents over the March futures contract, while the DTN National Corn Index is down 13 cents at $6.78. The national average basis for soybeans is steady at 28 cents under the March futures contract while the DTN National Soybean Index is down 32 cents at $14.64. The national average basis for hard red winter (HRW) wheat is 5 cents stronger at 26 cents under the March futures contract while the DTN National Hard Red Winter Wheat Index is down 14 cents at $8.44. The national average basis for hard red spring (HRS) wheat is 3 cents stronger at 22 cents under the March futures contract while the DTN National Hard Red Spring Wheat Index is down 16 cents at $8.98.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$6.78	-$0.13	$0.07	Mar	-$0.048
Soybeans:	$14.64	-$0.32	-$0.28	Mar	$0.001
SRW Wheat:	$7.29	-$0.18	-$0.46	Mar	-$0.018
HRW Wheat:	$8.44	-$0.14	-$0.26	Mar	$0.051
HRS Wheat:	$8.98	-$0.16	-$0.22	Mar	$0.033

CORN:

The national average corn basis for Tuesday is 7 cents over the March futures, 5 cents weaker than Friday's basis.

The PNW basis for January is +165H and Hereford basis is 5 cents weaker +165H for January. CIF NOLA for January is 5 cents weaker at +99H while track St. Louis is 2 cents stronger at +30H for January. The water level at St. Louis is at +2.47 feet above zero gauge and is expected to reach +2.6 feet early next week then fall. The gauge at Memphis is at +0.51 feet and recent heavy rains will push levels to +16.8 feet by early next week. Processors' bids are mixed, with Cedar Rapids, Iowa, 2 cents weaker at +5H; Fort Dodge, Iowa, is at +43H; Council Bluffs, Iowa, is at +50H; Blair, Nebraska, is at +45H; Lincoln, Nebraska, is at +35H; and Hastings, Nebraska, is at +10H; Mitchell, South Dakota, is 2 cents weaker at +10H and Marshall, Minnesota, is at +13H. BN secondary shuttle freight for returns is bid $1000 over per car against offers of $1500, and January is bid +1000 over against offers of $1500 per car. UP prices are not bid or offered for returns and January is bid $1500 over per car against offers of $2000.

SOYBEANS:

The national average soybean basis for Tuesday is 28 cents under the March futures, unchanged from Friday's basis. The PNW basis for first-half January is 10 cents stronger +240F, while CIF NOLA basis for January is steady at +130F and track St. Louis is at +50F. River basis on the Ohio River at Cincinnati is 4 cents weaker at +28F; north of St. Louis on the Mississippi River at Quincy, Illinois, is at +15F; while basis on the Illinois River at Havana, Illinois, is 11 cents stronger at +8H. ACBL noted on their website, "There have been significant fog delays throughout the inland river system that have severely impacted transits by 12 to 18 hours. In turn, we expect a 2- to 3-day impact to boat timings." Processor basis for January is steady to mixed, with Mankato, Minnesota, -10 cents at option the Jan.; Dawson, Minnesota, is -15 cents at +5F; Council Bluffs, Iowa, is at +30F; Cedar Rapids, Iowa, is 10 cents weaker at-40F; Sioux City is 5 cents weaker at +10; Mitchell, South Dakota, is 2 cents weaker at -28F; and Aberdeen, South Dakota, is at -7F.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Tuesday is 46 cents under the March futures, 2 cents weaker than Friday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Tuesday is 36 cents under the Kansas City March futures, 5 cents stronger than Friday's basis. The KC spot cash premiums were al1 steady with ordinary protein through 11.6% steady at +160, 11.8% at +185 and 12% through 14% steady at +190. It was quiet on the floor to start the week and rail logistic issues are still problematic, especially on the UP.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Tuesday is 22 cents under the Minneapolis March futures, 3 cents 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 not quoted, 13.5% proteins were unchanged not quoted, 14% proteins were unchanged at +240; 14.5% proteins were down 5 cents to down 15 cents at +160; 15% proteins were unchanged at +280, and 16% proteins were not quoted. Wheat receipts on the exchange floor were 35 cars, which included one train(s).* Bid (B), Ask(A), Nominal(N). MGEX Daily Grain Prices are Delivered Chicago/Beyond freight: 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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