DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was unchanged at 27 cents under the March futures contract, while the DTN National Corn Index was up 2 cents at $4.38. The national average basis for soybeans was 1 cent weaker at 54 cents under the March futures contract, while the DTN National Soybean Index was up 2 cents at $12.23. The national average basis for hard red winter (HRW) wheat was 5 cents weaker at 56 cents under the March futures contract, while the DTN National Hard Red Winter Wheat Index was down 13 cents at $5.65. The national average basis for hard red spring (HRS) wheat was 1 cent weaker at 28 cents under the March futures contract, while the DTN National Hard Red Spring Wheat Index was down 8 cents at $6.81.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.38	$0.02	-$0.27	Mar	$0.004
Soybeans:	$12.23	$0.02	-$0.54	Mar	-$0.010
SRW Wheat:	$5.36	-$0.07	-$0.64	Mar	-$0.009
HRW Wheat:	$5.65	-$0.13	-$0.56	Mar	-$0.055
HRS Wheat:	$6.81	-$0.08	-$0.28	Mar	-$0.012

CORN:

The national average corn basis for Wednesday was 27 cents under the March futures, unchanged from Tuesday's basis. PNW basis for last-half January is at +120H. while Hereford, Texas, for last-half January is steady +115H. CIF NOLA for January is steady at +41H and track St. Louis for January is steady at +8H. Processors are mixed, with Cedar Rapids, Iowa, steady at +5H; Fort Dodge, Iowa, is steady at +15H; Council Bluffs, Iowa, is steady at +10H; Decatur, Illinois, is 2 cents stronger at +4H; Mitchell, South Dakota, is steady at -53H; Blair, Nebraska, is steady at +15H; Hastings, Nebraska, is steady at -28H; Lincoln, Nebraska, is steady at -20H; Garden City, Kansas, is steady at +10H; Columbus, Nebraska, is steady at +10H; and Marshall, Minnesota, is steady at -20H.

SOYBEANS:

The national average soybean basis for Wednesday was 54 cents under the March, 1 cent weaker than Tuesday's basis. PNW for January is 5 cents stronger at +140H, while CIF NOLA basis for January is steady at +79F, and track St. Louis for January is steady at +38F. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 7 cents weaker at +18H and in St. Paul, Minnesota, there are no bids since the river is closed for the winter. Basis on the Illinois River at Havana, Illinois, is 1 cent stronger at +10H. The Mississippi River at Memphis is -1.29 feet with expectations it will rise to -1 foot and then fall again. Processor bids are mostly steady as most plants move to March. Council Bluffs, Iowa, is at -15H; Cedar Rapids, Iowa, is steady at -15H; Sioux City is steady at -30H; Decatur, Illinois, is steady at option the March; Volga, South Dakota, is steady at -25F; Spiritwood, North Dakota, is showing -55H for January; Hastings, Nebraska, is steady at -75F; Lincoln, Nebraska, is 10 cents weaker at -25H; Aberdeen, South Dakota, is at -75H; Mitchell, South Dakota, is steady at -75H; and Mankato, Minnesota, is at -10H. BN secondary shuttle freight for returns is bid plus $250 over tariff against no offers and January is bid plus $250 over against offers of $500 over. UP secondary for freight for returns is bid -$300 under tariff against no offers and January is bid minus $300 under against offers of minus $200 under.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Wednesday was 64 cents under the March futures, 1 cent weaker than Tuesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Wednesday was 56 cents under the Kansas City March futures, 5 cents weaker than Tuesday's basis. The KC spot milling cash premiums were steady with no cars showing for sale mid-week. Ordinary protein was steady at +100, 11% was steady at +116; 11.2% through 11.6% was up 1 cent at +121; 11.8% through 12% protein was up 5 cents at +125; 12.2% was unchanged at +125; 12.4% was unchanged at +134; 12.6% through 12.8% was unchanged at +145; 13% through 14% protein was unchanged at +170. Offers for 11% protein at the Texas Gulf were steady at +145 and PNW 11.5% was steady at +150, while the track Gulf basis bid is steady at +125 for Dec 11% protein and no bump for higher protein. On the export front, Taiwan is in for 89,000 metric tons of US milling wheat.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Wednesday was 28 cents under the Minneapolis March futures, 1 cent weaker than Tuesday'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 at +150*; 14% proteins were unchanged at +175 to +220; 14.5% proteins were unchanged at +190N; 15% proteins were up 30 cents to up 10 cents at +310 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.

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

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

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