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 up 1 cent at $6.91. The national average basis for soybeans is unchanged at 31 cents under the March futures contract while the DTN National Soybean Index is down 14 cents at $14.78. The national average basis for hard red winter (HRW) wheat is 2 cents weaker at 33 cents under the March futures contract and the DTN National Hard Red Winter Wheat Index is up 3 cents at $8.37. The national average basis for hard red spring (HRS) wheat is 4 cents weaker at 23 cents under the March futures contract and the DTN National Hard Red Spring Wheat Index is unchanged at $8.98.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$6.91	$0.01	$0.08	Mar	$0.002
Soybeans:	$14.78	-$0.14	-$0.31	Mar	-$0.001
SRW Wheat:	$7.11	-$0.02	-$0.39	Mar	$0.008
HRW Wheat:	$8.37	$0.03	-$0.33	Mar	-$0.016
HRS Wheat:	$8.98	$0.00	-$0.23	Mar	-$0.037

CORN:

The national average corn basis for Friday is 8 cents over the March futures, unchanged from Thursday's basis. There is still no PNW basis bid for February, while March is at +140H to +150H and Hereford, Texas is bid +140H to +145H. CIF NOLA for February is 1 cent stronger at +89H, while track St. Louis is 2 cents weaker at +37H for February. The water level at St. Louis is at +2.33 feet above zero gauge and is expected to fluctuate a little and then fall slowly and stay below zero gauge for first half Feb. without more rain. The gauge at Memphis is at +14.47 feet, and levels will rise to +14.76 feet by the end of January and then start to slowly fall in February. Processors' bids are steady, with Cedar Rapids, Iowa, is steady at -5H; Fort Dodge, Iowa, at +43H; Council Bluffs, Iowa, is 3 cents stronger at +43H; Blair, Nebraska, is at +55H; Lincoln, Nebraska, at +30H; Hastings, Nebraska, at +10H; Columbus, Nebraska is steady at +45H; Mitchell, South Dakota, at +10H; Garden City, Kansas, at +115H; and Marshall, Minnesota, at +9H. BN secondary shuttle freight for returns are not bid or offered, while February is bid -$500 per car under tariff against offers of -$200 under. UP secondary freight for returns is not bid or offered, while February is bid -$400 under against offers of -$200 under.

SOYBEANS:

The national average soybean basis for Friday is 31 cents under the March futures, unchanged from Thursday's basis. The PNW basis for February forward shows no bid. CIF NOLA basis for February is steady at +110H, while track St. Louis is 7 cents stronger at +52H for first half February. American Commercial Barge Line said today that with temperatures dropping nearby, "ice formation is a concern on the Illinois this week. Milder conditions are now forecast long-term for Feb, leading Industry to hope any ice formation is short-lived. St. Louis fleet operations suspended Monday AM due to ice on barges and wintry mix." River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is at +15H; while basis on the Illinois River at Havana, Illinois, is at +8H. Processor basis is mixed, with Mankato, Minnesota, at +5H for Feb.; Council Bluffs, Iowa, is 5 cents stronger at +35H for Feb.; Cedar Rapids, Iowa, is at -50H for Feb.; Sioux City is 10 cents stronger at +5H for Feb.; Volga, South Dakota, is steady at -15H for Feb.; Lincoln, Nebraska, at +40H for Feb. and Aberdeen, South Dakota, is 5 cents weaker at -30H for Feb.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Friday is 39 cents under the March futures, 1 cent stronger than 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 stronger than Thursday's basis. The KC spot cash premiums were steady to higher as mills are still willing buyers. The premium for ordinary protein was steady at +177, 11% through 11.8% protein was up 8 cents at +185, and 12% through 14% was up 5 cents at +190. The 11% protein bid at the Texas Gulf was steady at +180, and the PNW bid for 11.5% protein is at +200. 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 23 cents under the Minneapolis March futures, 4 cents weaker 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 down 5 cents to unchanged at +135 to +220; 14.5% proteins were unchanged at +140N; 15% proteins were unchanged at +185N to +280, and 16% proteins were not quoted. Wheat receipts on the exchange floor were 14 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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