DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was 1 cent stronger at 9 cents over the May futures contract, and the DTN National Corn Index was up 7 cents at $6.42. The national average basis for soybeans was unchanged at 34 cents under the May futures contract, while the DTN National Soybean Index was up 2 cents at $14.58. The national average basis for hard red winter (HRW) wheat was 1 cent weaker at 33 cents under the May futures contract, while the DTN National Hard Red Winter Wheat Index was unchanged at $7.87. The national average basis for hard red spring (HRS) wheat was 1 cent stronger at 33 cents under the May futures contract, while the DTN National Hard Red Spring Wheat Index was down 3 cents at $8.16.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$6.42	$0.07	$0.09	May	$0.006
Soybeans:	$14.58	$0.02	-$0.34	May	$0.002
SRW Wheat:	$6.58	$0.01	-$0.41	May	$0.047
HRW Wheat:	$7.87	$0.00	-$0.33	May	-$0.003
HRS Wheat:	$8.16	-$0.03	-$0.33	May	$0.004

CORN:

The national average corn basis for Thursday was 9 cents over the May futures, 1 cent stronger than Wednesday's basis. PNW basis for March is back at +150K, while April is at +155K. Hereford, Texas, for April is steady +150K, while CIF NOLA for last-half March is 3 cents stronger at +89K, and track St. Louis is 2 cents stronger at +47K for last-half March. Processors' bids are mixed with Cedar Rapids, Iowa, 3 cents weaker at -5K; Fort Dodge, Iowa, is steady at +45K; Council Bluffs, Iowa, is 3 cents stronger at +28K; Blair, Nebraska, is 2 cents weaker at +58K; Lincoln, Nebraska, is steady at +25K; Hastings, Nebraska, is -5K; Columbus, Nebraska, is at +50K; Mitchell, South Dakota is steady at +12K; Garden City, Kansas, is at +115K; and Marshall, Minnesota, is 4 cents stronger at +32K. BN secondary shuttle freight is not bid or offered for returns or March and April is bid $200 under against offers of -$100 under. UP secondary freight for returns and March is bid -$100 under against no offers, and April is bid -$250 under against offers of -$100 under.

SOYBEANS:

The national average soybean basis for Thursday was 34 cents under the May futures, unchanged from Wednesday's basis. PNW new crop is steady at +190X, while CIF NOLA basis for March is steady at 95K, and track St. Louis is 5 cents weaker at +45K for March. River traffic at Lock 26 and 27 is improving, with ACBL saying as of Monday, "Lock 27 main chamber is back open. Mel Price currently has 15 boats to lock (Current average delay per boat is 21 hours) and is on track to reopen March 31." ACBL added, "With the Vicksburg (Lower Mississippi Mile 435) gauge over 40' (41.18 feet today), ACBL will begin limiting our transit through Vicksburg to daylight hours for tows exceeding 105' wide. In turn, expect delays to transit of approximately 12 to 18 hours." River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 5 cents stronger steady at +30K; while basis on the Illinois River at Havana, Illinois, is 3 cents stronger at +16K. Processor basis is mixed, with Council Bluffs, Iowa, at +15K for February; Cedar Rapids, Iowa, is steady at -65K for February; Sioux City at 10 cents stronger at option the May; Volga, South Dakota, at -30K; Lincoln, Nebraska, is steady at +25K, Aberdeen, South Dakota, is 5 cents stronger -45K; Mitchell, South Dakota, is steady at -45K; and Mankato, Minnesota, at -15K.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Thursday was 41 cents under the May futures, 5 cents stronger than Wednesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Thursday was 33 cents under the Kansas City May futures, 1 cent weaker than Wednesday's basis. The KC spot cash premiums were 4 cents stronger with ordinary protein at +135, 11% through 11.8% proteins at +135; and 12% though through 14% premiums at +135. Gulf track basis for ordinary protein is at +147, +1 cent for 11% and +4 cents for 12% protein. PNW basis for 11.5% protein is +175. Egypt was reported to have bought 120,000 metric tons of Ukraine wheat; interesting given the still uncertain extension for the Black Sea grain initiative.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Thursday was 33 cents under the Minneapolis May futures, 1 cent weaker than Wednesday's basis. The Minneapolis spot spring wheat cash premiums closed as follows, based on Minneapolis May futures: 12% proteins were not quoted, 13% proteins were not quoted; 13.5% proteins were at +120; 14% proteins were at +190; 14.5% proteins were not quoted; 15% proteins were at +230; and 16% proteins were not quoted. Wheat receipts on the exchange floor were 10 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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