DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was unchanged at 28 cents under the December futures contract, while the DTN National Corn Index was up 12 cents at $4.70. The national average basis for soybeans was steady at 67 cents under the November futures contract, while the DTN National Soybean Index was up 8 cents at $12.14. The national average basis for hard red winter (HRW) wheat was 1 cent stronger at 68 cents under the December futures contract, while the DTN National Hard Red Winter Wheat Index was up 24 cents at $6.22. The national average basis for hard red spring (HRS) wheat was unchanged at 64 cents under the December futures contract, and the DTN National Hard Red Spring Wheat Index was up 20 cents at $6.67.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.70	$0.12	-$0.28	Dec	$0.001
Soybeans:	$12.14	$0.08	-$0.67	Nov	$0.001
SRW Wheat:	$5.01	$0.20	-$0.77	Dec	$0.013
HRW Wheat:	$6.22	$0.24	-$0.68	Dec	$0.003
HRS Wheat:	$6.67	$0.20	-$0.64	Dec	$0.001

CORN:

The national average corn basis for Thursday was 28 cents under the December futures, unchanged from Wednesday's basis. PNW corn bid for last-half November is 5 cents weaker at +120Z, December is 5 cents weaker at +125Z, and Hereford, Texas, is steady at +120Z for Oct/Nov/Dec. CIF NOLA for October is 8 cents weaker at +77Z and track St. Louis for October is 15 cents stronger at option the December. Processors are mixed, with Cedar Rapids, Iowa, steady at -20Z; Fort Dodge, Iowa, is 5 cents stronger at +10Z; Council Bluffs, Iowa, is 2 cents weaker at -12Z; Decatur, Illinois, is steady at -10Z; Mitchell, South Dakota, is steady at -40Z; Blair, Nebraska, is steady at +15Z; Hastings, Nebraska, is steady at -26Z; Lincoln, Nebraska, is steady at -15Z; Garden City, Kansas, is steady at +20Z; Columbus, Nebraska, is steady at -5Z; and Marshall, Minnesota, is steady at -25.

SOYBEANS

The national average soybean basis for Thursday was 67 cents under the November futures, unchanged from Wednesday's basis. PNW basis for first-half October is 5 cents weaker at +120X and November is 10 cents stronger at +145X, while CIF NOLA basis for October is 7 cents stronger at +68X and track St. Louis is 5 cents stronger for October at -15X. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 10 cents stronger at -15X and in St. Paul, Minnesota, basis is 5 cents stronger at -55X; while basis on the Illinois River at Havana, Illinois, is 13 cents stronger at -37X. The Mississippi River at Memphis is at minus 9.05 feet and is forecast to move to -10 feet by Monday unless it rains. For now, barge freight has settled down, but low water issues remain, and dredges continue to clear the channel as grounding continues. Processor bids are steady with Council Bluffs, Iowa, steady at -35X; Cedar Rapids, Iowa, is steady at -40X; Sioux City is steady at -20X; Decatur, Illinois is steady at -10X; Volga, South Dakota, is steady at -60X; Spiritwood, North Dakota, is not quoted; Hastings, Nebraska, is steady at -60X; Lincoln, Nebraska, is steady at -10X; Aberdeen, South Dakota, is steady at -55X; Mitchell, South Dakota, is steady at -70X; and Mankato, Minnesota, is steady at -15X. BN secondary shuttle freight for returns is bid $400 over against offers of $600 over and October is bid $200 over against offers of $600 over and November is bid $100 over against offers of $300 over. UP shuttle freight for returns is not bid over against offers of $100 over and October is not bid against offers of $200 over.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Thursday was 77 cents under the December futures, 1 cent stronger than Wednesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Thursday was 68 cents under the Kansas City December futures, 1 cent stronger than Wednesday's basis. The KC spot milling cash premiums were mostly steady with not many cars to test the market. Ordinary protein was steady at +75, 11% was steady at +100, 11.2% was 5 cents higher at +105, 11.4% through 12.4% was steady at +105, 12.6% through 12.8% was steady at +115 and 13% through 14% was steady at +125. Offers for 11% protein at the Texas Gulf were steady at +145 and PNW 11.5% was steady at +125, while the track Gulf basis was +90 for Oct/Nov Dec 11% protein and no bump for higher protein.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Thursday was 64 cents under the Minneapolis December futures, unchanged from Wednesday's basis.

The Minneapolis spot spring wheat cash premiums closed as follows, based on Minneapolis December futures: 12% proteins were unchanged at +75N; 13% proteins were at +90; 13.5% proteins were not quoted; 14% proteins were up 20 cents to unchanged at +120 to +150; 14.5% proteins were unchanged at +115N to +150N; 15% proteins were unchanged at +250N to +255N, and 16% proteins were not quoted. Wheat receipts on the exchange floor were 37 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. Here is a link to my spring wheat/durum harvest story: https://www.dtnpf.com/…

Mary Kennedy can be reached at mary.kennedy@dtn.com

Follow her on X, formerly known as Twitter, @MaryCKenn

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