DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was unchanged at 23 cents under the December futures contract, while the DTN National Corn Index was down 8 cents at $4.52. The national average basis for soybeans was 1 cent weaker at 56 cents under the November futures contract, while the DTN National Soybean Index was down 27 cents at $12.37. The national average basis for hard red winter (HRW) wheat was 1 cent weaker at 70 cents under the December futures contract, while the DTN National Hard Red Winter Wheat Index was down 20 cents at $6.40. The national average basis for hard red spring (HRS) wheat was 1 cent stronger at 74 cents under the December futures contract, and the DTN National Hard Red Spring Wheat Index was down 15 cents at $6.93.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.52	-$0.08	-$0.23	Dec	-$0.008
Soybeans:	$12.37	-$0.27	-$0.56	Nov	-$0.009
SRW Wheat:	$4.90	-$0.12	-$0.86	Dec	$0.014
HRW Wheat:	$6.40	-$0.20	-$0.70	Dec	-$0.010
HRS Wheat:	$6.93	-$0.15	-$0.74	Dec	$0.007

CORN:

The national average corn basis for Thursday was 23 cents under the December futures, unchanged from Wednesday's basis. PNW corn bid for November is steady at +125Z, December is steady at +125Z, and Hereford, Texas, is steady at +120Z for Oct/Nov/Dec. CIF NOLA for September is steady at +83Z and track St. Louis for September is steady at -28Z. Processors are mixed, with Cedar Rapids, Iowa, 18 cents weaker at option the December; Fort Dodge, Iowa, is steady at +5Z; Council Bluffs, Iowa, is 7 cents weaker at -5Z; Decatur, Illinois, is steady at -5Z the December; Mitchell, South Dakota, is steady at -42Z; Blair, Nebraska, is 20 cents weaker at +5Z; Hastings, Nebraska, is steady at -28Z; Lincoln, Nebraska, is steady at -10Z; Garden City, Kansas, is steady at +15Z; Columbus, Nebraska, is 10 cents stronger at +25Z; and Marshall, Minnesota, is 10 cents weaker at -25Z.

SOYBEANS

The national average soybean basis for Thursday was 56 cents under the November futures, 1 cent weaker than Wednesday's basis. PNW basis for September is steady at +150X and October is steady at +150X, while CIF NOLA basis for September is 2 cents weaker at +83X and track St. Louis is 16 cents weaker at -39X. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is at +25X and in St. Paul, Minnesota, basis is 3 cents weaker at -55X; while basis on the Illinois River at Havana, Illinois, is 5 cents weaker at -20X. The Mississippi River at Memphis is at minus 8.93 feet and rain in the forecast may bring temporary relief but won't fill the rivers up. Processor bids are mixed with Council Bluffs, Iowa, steady at -35X; Cedar Rapids, Iowa, is steady at option the November; Sioux City is steady at option the November; Volga, South Dakota, is steady at -50X; Spiritwood, North Dakota, is steady at -65X; Hastings, Nebraska, is steady at -65X; Lincoln, Nebraska, is 10 cents weaker at -25X; Aberdeen, South Dakota, is 10 cents stronger at -45X; Mitchell, South Dakota, is steady at -80X; and Mankato, Minnesota, is steady at option the November. BN secondary shuttle freight for returns is bid $600 over against offers of $1200 over and October is bid $800 over against offers of $1300 over. UP freight for returns is not bid against offers of $400 over and October is bid $500 over against offers of $900 over.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Thursday was 86 cents under the December futures, 2 cents stronger than Wednesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Thursday was 70 cents under the Kansas City December futures, 1 cent weaker than Wednesday's basis. The KC spot milling cash premiums were steady to higher as mills perked up after a quiet week. Ordinary protein was steady at +75, 11% through 11.2% steady at +95, 11.4% through 11.6% through 12.2% was up 6 cents at +101, 12.4% was up 1 cent at +101, 12.6% though 14% was up 15 cents at +115. Offers for 11% protein at the Texas Gulf were steady at +145 and PNW 11.5% was steady at +115. Algeria was reported to have purchased 600,000 metric tons of wheat, South Korea bought 50,000 mt of Australian wheat, while South Korean millers also buy 94,000 mt of U.S. milling wheat and Japan bought 89,000 mt of milling wheat with 26,000 mt of that U.S. wheat, and Taiwan is in for 93,000 mt of U.S. milling wheat.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Thursday was 74 cents under the Minneapolis December futures, 1 cent stronger than Wednesday's basis. The Minneapolis spot spring wheat cash premiums closed as follows, based on Minneapolis December futures: 12% proteins were not quoted; 13% proteins were unchanged at +80N to +90N; 13.5% proteins were unchanged at +85N to +100N; 14% proteins were unchanged at +100N; 14.5% proteins down 15 cents to up 25 cents at +85 to +125; 15% proteins were unchanged to down 20 cents at +235 to +250 and 16% proteins were not quoted. Wheat receipts on the exchange floor were 50 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

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