DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn is steady at 9 cents over the March futures contract, while the DTN National Corn Index is down 1 cent at $6.62. The national average basis for soybeans is steady at 29 cents under the March futures contract while the DTN National Soybean Index is down 13 cents at $14.42. The national average basis for hard red winter (HRW) wheat is 3 cents stronger at 31 cents under the March futures contract while the DTN National Hard Red Winter Wheat Index is up 1 cent at $8.08. The national average basis for hard red spring (HRS) wheat is 4 cents stronger at 21 cents under the March futures contract while the DTN National Hard Red Spring Wheat Index is up 10 cents at $8.88.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$6.62	-$0.01	$0.09	Mar	$0.002
Soybeans:	$14.42	-$0.13	-$0.29	Mar	-$0.003
SRW Wheat:	$7.01	$0.01	-$0.45	Mar	-$0.002
HRW Wheat:	$8.08	$0.01	-$0.31	Mar	$0.023
HRS Wheat:	$8.88	$0.10	-$0.21	Mar	$0.044

CORN:

The national average corn basis for Thursday is 9 cents over the March futures, unchanged from Wednesday's basis. The PNW basis for January is +165H, while February is 5 cents weaker at +160H. Hereford basis is steady at +165H for January, while February is 5 cents weaker at +160H. CIF NOLA for January is 2 cents weaker at +97H while track St. Louis is 5 cents weaker at +25H for January. Ceres Barge LLC noted, "We are not seeing very good grain movement to the river on corn at this point." The water level at St. Louis is at +2.11 feet above zero gauge and is expected to reach +2.5 feet over the weekend then fall. The gauge at Memphis is at +4.59 feet and recent heavy rains will push levels to +17.8 feet by the end of next week. Processors' bids are steady, with Cedar Rapids, Iowa, 2 cents stronger at +7H; Fort Dodge, Iowa, is at +43H; Council Bluffs, Iowa, is at +50H; Blair, Nebraska, is at +49H; Lincoln, Nebraska, is at +35H; and Hastings, Nebraska, is at +10H; Mitchell, South Dakota, is 2 cents weaker at +10H; Garden City, Kansas, is steady at +115H; and Marshall, Minnesota, is at +13H. BN secondary shuttle freight for returns is not bid or offered, and first-half January is bid +700 over against offers of $900 per car, while last-half is bid $100 per car over tariff against offers of $800.

SOYBEANS:

The national average soybean basis for Thursday is 29 cents under the March futures, unchanged from Wednesday's basis. The PNW basis for January is steady +240H, while CIF NOLA basis for January is steady at +120H and track St. Louis is at +50H. River basis on the Ohio River at Cincinnati is steady at +18H; north of St. Louis on the Mississippi River at Quincy, Illinois, is +13H; while basis on the Illinois River at Havana, Illinois, is 4 cents weaker at -2H. According to Ceres Barge LLC, "Freight markets took a significant hit yesterday, falling 50 points in some cases. We do have heavier drafts and we did get rid of the fog for the last couple of days; but we are still seeing huge delays getting in and out of St Louis (4-5 days in some cases) plus we have built a day plus delay at Lock 27 and a 2-3 day delay at Lagrange Lock (from recent fog) so logistics are far from normal at this point." Processor basis for January is steady to mixed, with Mankato, Minnesota, at option the March; Council Bluffs, Iowa, is at +30H; Cedar Rapids, Iowa, is steady at -40H; Sioux City is 1 cent weaker at +9H; Mitchell, South Dakota, is weaker at -28F; Volga, South Dakota, is 3 cents weaker at option the March; and Aberdeen, South Dakota, is 3 cents weaker at -13H.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Thursday is 45 cents under the March futures, unchanged from Wednesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Thursday is 31 cents under the Kansas City March futures, 3 cents stronger than Wednesday's basis. The KC spot cash premiums were mixed with ordinary protein through 11.6% steady at +160, 11.8% was down 10 cents at +170 and 12% through 14% premiums were down 15 cents at +175. The 11% protein bid at the Texas Gulf was steady at +195 and the PNW bid for 11.5% protein was steady at +210. Gulf track bid for ordinary protein is at +154 with a 1-cent premium for 11%-11.8% and a 3-cent premium for 12%+ proteins.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Thursday is 21 cents under the Minneapolis March futures, 4 cents stronger than 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 not quoted, 13.5% proteins were at +180, 14% proteins were unchanged at +170N to +240; 14.5% proteins were up 10 cents at +170; 15% proteins were up 5 cents at +285, and 16% proteins were not quoted. Wheat receipts on the exchange floor were 30 cars, which included zero 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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