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 up 3 cents at $6.64. The national average basis for soybeans is 1 cent stronger at 26 cents under the March futures contract while the DTN National Soybean Index is down 2 cents at $14.59. The national average basis for hard red winter (HRW) wheat is unchanged at 31 cents under the March futures contract while the DTN National Hard Red Winter Wheat Index is down 17 cents at $7.81. The national average basis for hard red spring (HRS) wheat is unchanged at 20 cents under the March futures contract while the DTN National Hard Red Spring Wheat Index is down 8 cents at $8.74.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$6.64	$0.03	$0.09	Mar	$0.006
Soybeans:	$14.59	-$0.02	-$0.26	Mar	$0.011
SRW Wheat:	$6.87	-$0.13	-$0.44	Mar	-$0.021
HRW Wheat:	$7.81	-$0.17	-$0.31	Mar	$0.000
HRS Wheat:	$8.74	-$0.08	-$0.20	Mar	-$0.001

CORN:

The national average corn basis for Tuesday is 9 cents over the March futures, unchanged from Monday's basis. The PNW basis for January is +165H, while February is 5 cents weaker at +155H. Hereford basis is steady at +165H for January, while February is at +155H. CIF NOLA for January is 5 cents weaker at +92H while track St. Louis is 5 cents stronger at +30H for January. The water level at St. Louis is at +2.32 feet above zero gauge and is expected to fall below zero gauge by middle of next week without rain. The gauge at Memphis is at +16.93 feet and recent heavy rains will push levels to +17.1 feet tomorrow and then start to slowly fall. Processors' bids are steady, with Cedar Rapids, Iowa, 8 cents weaker at -1H; Fort Dodge, Iowa, is at +43H; Council Bluffs, Iowa, is 2 cents weaker at +48H; Blair, Nebraska, is at +50H; Lincoln, Nebraska, is at +30H; Hastings, Nebraska, is at +10H; Mitchell, South Dakota, is 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 +400 over against offers of $700 per car, while February is bid $150 per car over tariff against offers of $600. UP secondary freight is not bid or offered for returns, while January is not bid against offers of $600 per car over tariff.

SOYBEANS:

The national average soybean basis for Tuesday is 26 cents under the March futures, 1 cent stronger than Monday's basis. The PNW basis for first half January is 5 cents weaker at +235H and last half is 5 cents weaker at +225H. CIF NOLA basis for January is steady at +120H with a 15-cent inverse to February and track St. Louis is steady at +56H. Ceres Barge LLC noted in its freight update that "There are lots of Lock delays if you are headed into the Illinois. St Louis has begun the fall in river stages so looks like next week back to 9-feet drafts without any significant rains." River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 3 cents weaker +5H; while basis on the Illinois River at Havana, Illinois, is 15 cents stronger at +22. Processor basis for January is steady to mixed, with Mankato, Minnesota, is 5 cents weaker at -15H; Council Bluffs, Iowa, is at +30H; Cedar Rapids, Iowa, is 5 cents stronger at -35H; Sioux City is steady at +10H; Volga, South Dakota, is at option the March contract; Lincoln, Nebraska is at +40H and Aberdeen, South Dakota, is at -13H.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Tuesday is 44 cents under the March futures, 2 cents weaker than Monday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Tuesday is 31 cents under the Kansas City March futures, unchanged from Monday's basis. The KC spot cash premiums continue to fade as more cars keep hitting the market and a slight improvement in logistics is pressuring premiums. Ordinary protein through 11.6% was down 10 cents at +140, 11.8% protein through 12.4% was down 9 cents at +151, 12.6% through 12.8% was down 5 cents at +155 and 13% through 14% premiums were down 9 cents at +161. The 11% protein bid at the Texas Gulf was steady at +195 and the PNW bid for 11.5% protein was down 5 cents at +205. Gulf track bid for ordinary protein is up 6 cents at +160 with a 1-cent premium for 11% through 11.8% and a 3-cent premium for 12%+ proteins. Besides another Egypt tender in the works, Turkey is tendering for 565,000 metric tons of milling wheat, Taiwan is in for 45,000 mt of U.S. milling wheat on Jan. 13 and Japan also now in on Jan. 13 for 89,000 mt of milling wheat of which 40,000 mt will be US DNS and WW.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Tuesday is 20 cents under the Minneapolis March futures, unchanged from Monday'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 up 15 cents to down 15 cents at +215 to +240; 14.5% proteins were unchanged at +170N; 15% proteins were down 65 cents to unchanged at +220* to +285N, and 16% proteins were not quoted. Wheat receipts on the exchange floor were 59 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

(c) Copyright 2023 DTN, LLC. All rights reserved.