DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn is 1 cent stronger at 8 cents over the March futures contract, while the DTN National Corn Index is down 3 cents at $6.88. The national average basis for soybeans is unchanged at 32 cents under the March futures contract while the DTN National Soybean Index is up 3 cents at $15.06. The national average basis for hard red winter (HRW) wheat is 1 cent stronger at 30 cents under the March futures contract and the DTN National Hard Red Winter Wheat Index is up 5 cents at $8.49. The national average basis for hard red spring (HRS) wheat is unchanged at 20 cents under the March futures contract and the DTN National Hard Red Spring Wheat Index is up 2 cents at $9.03.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$6.88	-$0.03	$0.08	Mar	$0.007
Soybeans:	$15.06	$0.03	-$0.32	Mar	$0.000
SRW Wheat:	$7.20	$0.10	-$0.41	Mar	$0.014
HRW Wheat:	$8.49	$0.05	-$0.30	Mar	$0.004
HRS Wheat:	$9.03	$0.02	-$0.20	Mar	$0.008

CORN:

The national average corn basis for Tuesday is 8 cents over the March futures, 1 cent stronger than Monday's basis. There is still no PNW basis bid for February, while March is at +140H and Hereford, Texas is bid +140H. CIF NOLA for February is steady at +89H, while track St. Louis is steady at +37H for February. The water level at St. Louis is at -2.65 below zero gauge now and dropping to -3.2 feet by next week, causing drats to go from 12' to 9'6". The gauge at Memphis is at +13.48 feet, and levels will rise to +14 feet by the weekend and then start to slowly fall. Processors' bids are steady, with Cedar Rapids, Iowa, is steady at +10H; Fort Dodge, Iowa, is 4 cents stronger at +47H; Council Bluffs, Iowa, is at +38H; Blair, Nebraska, is at +50H; Lincoln, Nebraska, at +30H; Hastings, Nebraska, at +10H; Columbus, Nebraska is 5 cents weaker at +40H; Mitchell, South Dakota, at +10H; Garden City, Kansas, at +115H; and Marshall, Minnesota, is up 3 cents at +12H. BN secondary shuttle freight for returns are not bid against offers of -$200 under, while February is bid -$350 per car under tariff against offers of -$250 under. UP secondary freight for returns is not bid against offers of even money to tariff, while February is bid -$400 under against offers of -$200 under.

SOYBEANS:

The national average soybean basis for Tuesday is 32 cents under the March futures, unchanged from Monday's basis. The PNW basis for February forward shows no bid. CIF NOLA basis for February is steady at 107H to +112H, while track St. Louis is at +56H for the first half February. River traffic at Lock 26 and 27 is still delayed but improving slightly, with ACBL saying Monday, "Lock 27 currently has 23 boats to lock (Current average delay per boat is 35 hours), while Mel Price currently has 1 boat to lock (Current average delay per boat 1 hour)." River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 5 cents stronger at +20H; while basis on the Illinois River at Havana, Illinois, is 1 cent stronger at +12H. Processor basis is mixed, with Mankato, Minnesota, at +5H for Feb.; Council Bluffs, Iowa, is steady at +35H for Feb.; Cedar Rapids, Iowa, is at -50H for Feb.; Sioux City is steady at +5H for Feb.; Volga, South Dakota, is 5 cents stronger at -20H for Feb.; Lincoln, Nebraska, at +40H for Feb. and Aberdeen, South Dakota, is steady at -35H for Feb.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Tuesday is 41 cents under the March futures, 1 cent stronger than Monday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Tuesday is 30 cents under the Kansas City March futures, 1 cent stronger than Monday's basis. The KC spot cash premiums were unchanged as no cars were reported for sale. The premium for ordinary protein was steady at +177, 11% through 11.8% protein is steady at +185, and 12% through 14% is steady at +190. Mills will continue to need coverage going forward and may need to spice up the premiums to keep the wheat flowing to them. 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 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 unchanged at +100N; 14% proteins were unchanged at +135N to +200N; 14.5% proteins were unchanged at +150N; 15% proteins were down 40 cents to up 40 cents at +140* to +280, and 16% proteins were not quoted. Wheat receipts on the exchange floor were 30 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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