DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn is unchanged at 8 cents over the March futures contract, while the DTN National Corn Index is down 1 cent at $6.84. The national average basis for soybeans is 1 cent weaker at 31 cents under the March futures contract while the DTN National Soybean Index is down 9 cents at $14.76. The national average basis for hard red winter (HRW) wheat is 1 cent weaker at 31 cents under the March futures contract and the DTN National Hard Red Winter Wheat Index is down 9 cents at $8.02. The national average basis for hard red spring (HRS) wheat is 2 cents weaker at 21 cents under the March futures contract and the DTN National Hard Red Spring Wheat Index is up 15 cents at $8.91.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$6.84	-$0.01	$0.08	Mar	$0.000
Soybeans:	$14.76	-$0.09	-$0.31	Mar	-$0.005
SRW Wheat:	$6.97	$0.04	-$0.44	Mar	-$0.031
HRW Wheat:	$8.17	$0.15	-$0.31	Mar	-$0.011
HRS Wheat:	$8.91	$0.06	-$0.21	Mar	-$0.025

CORN:

The national average corn basis for Friday is 8 cents over the March futures, unchanged from Thursday's basis. There is no PNW basis bid for January, while February is 10 cents weaker at +140H. Hereford, Texas basis is 10 cents weaker for February at +140H. CIF NOLA for January is steady at +73H to +76H, while track St. Louis is steady at +20H for January. The water level at St. Louis is at +2.36 feet above zero gauge and is expected to rise to 3.5 feet by the weekend and then fall without rain. The gauge at Memphis is at +13.06 feet and levels will rise to +15 feet by Friday and then start to slowly fall in February. Processors' bids are mixed, with Cedar Rapids, Iowa, 10 cents weaker at -10H; Fort Dodge, Iowa, is at +43H; Council Bluffs, Iowa, is 4 cents weaker at +40H; 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 at +115H; and Marshall, Minnesota, is 1 cent weaker at +9H. BN secondary shuttle freight for returns is not bid against offers of $200 over, and January is not bid +400 over against offers of $650 per car, and first-half February is bid or offered and February not bid against offers of +250 over. UP secondary freight is not bid or offered for returns, or January, while February is not bid against offers of $300.

SOYBEANS:

The national average soybean basis for Friday is 31 cents under the March futures, 1 cent weaker than Thursday's basis. The PNW basis for January and February shows no bid. CIF NOLA basis for January is 5 cents stronger at +115H with a 25-cent inverse to first half February and track St. Louis is 5 cents stronger at +55H for January and +44H for February. Repairs at Mel Price Lock 26 and Lock 27 continue, with boats having to pass through the auxiliary chamber. Ceres Barge Inc says, as of Friday, 33 boats in queue through locks 26/27 with approximately 3.5 days delay. Due to that, there is nearby demand for empty barges on the Illinois. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is at +10H; while basis on the Illinois River at Havana, Illinois, is at +8H. Processor basis for January has been fading during the week, with Mankato, Minnesota, is at -20H; Council Bluffs, Iowa, is at +25H; Cedar Rapids, Iowa, is at -45H; Sioux City is at option the March; Volga, South Dakota, is at +10H; Lincoln, Nebraska, is at +20H and Aberdeen, South Dakota, is at -23H.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Friday is 44 cents under the March futures, 3 cents weaker than Thursday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Friday is 31 cents under the Kansas City March futures, 1 cent weaker than Thursday's basis. The KC spot cash premiums were steady to higher and mills are now keeping an eye open as there is still some chatter that HRW wheat could move into the Eastern Corn Belt as feed wheat. Premium for ordinary protein through, 11.8% protein was up 8 cents at +163, 12% through 12.4% was up 3 cents at +163, 12.6% through 14% premiums were unchanged at +175. The 11% protein bid at the Texas Gulf was steady at +180 and the PNW bid for 11.5% protein is at +205. Gulf track bid for ordinary protein is at +160 with a 1-cent premium for 11% through 11.8% and a 2-cent premium for 12%+ proteins.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Friday is 21 cents under the Minneapolis March futures, 2 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 unchanged at +200N, 14% proteins were unchanged at +200N to +240; 14.5% proteins were up 5 cents to unchanged at +160B to +170N; 15% proteins were unchanged at +300N, and 16% proteins were unchanged at +250N. Wheat receipts on the exchange floor were five 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

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