DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was 1 cent stronger at 25 cents under the March futures contract, while the DTN National Corn Index was down 1 cent at $4.32. The national average basis for soybeans was unchanged at 55 cents under the March futures contract, while the DTN National Soybean Index was unchanged at $11.82. The national average basis for hard red winter (HRW) wheat was 1 cent weaker at 57 cents under the March futures contract, while the DTN National Hard Red Winter Wheat Index was down 9 cents at $5.59. The national average basis for hard red spring (HRS) wheat was 2 cents weaker at 29 cents under the March futures contract, while the DTN National Hard Red Spring Wheat Index was down 10 cents at $6.71.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.32	-$0.01	-$0.25	Mar	$0.004
Soybeans:	$11.82	$0.00	-$0.55	Mar	$0.000
SRW Wheat:	$5.42	-$0.07	-$0.62	Mar	$0.003
HRW Wheat:	$5.59	-$0.09	-$0.57	Mar	-$0.008
HRS Wheat:	$6.71	-$0.10	-$0.29	Mar	-$0.024

CORN:

The national average corn basis for Thursday was 25 cents under the March futures, 1 cent stronger than Wednesday's basis. PNW basis for last-half January is steady at +125H with a 7-cent carry now to February, while Hereford, Texas, last-half January is 8 cents stronger at +120H. CIF NOLA for last-half January is 6 cents stronger at +55H and track St. Louis for last-half January is 5 cents stronger at +17H. Processors are mixed, with Cedar Rapids, Iowa, steady at +5H; Fort Dodge, Iowa, is steady at +15H; Council Bluffs, Iowa, is 3 cents stronger at +10H; Decatur, Illinois, is steady at +4H; Mitchell, South Dakota, is steady at -47H; Blair, Nebraska, is 11 cents weaker at +20H; Hastings, Nebraska, is steady at -20H; Lincoln, Nebraska, is steady at -20H; Garden City, Kansas, is steady at +10H; Columbus, Nebraska, is 5 cents stronger at +15H; and Marshall, Minnesota, is 5 cents stronger at -15H.

SOYBEANS:

The national average soybean basis for Thursday was 55 cents under the March, unchanged from Wednesday's basis. PNW for last-half January is steady at +130H with a 5-cent discount for February, while CIF NOLA basis for January is steady at +74H, and track St. Louis for January is steady at +32H. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 1 cent stronger at +19H 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 2 cents stronger at +10H. The Mississippi River at Memphis is -.17 feet with expectations it will rise to 7.4 feet by Monday and keep rising. Processor bids are mixed with Council Bluffs, Iowa, steady at -20H; Cedar Rapids, Iowa, is steady at -15H; Sioux City is steady at -25H; Decatur, Illinois, is steady at option the March; Volga, South Dakota, is steady at -40H; Spiritwood, North Dakota, is 5 cents weaker at -70H for January; Hastings, Nebraska, is 5 cents weaker at -75H; Lincoln, Nebraska, is steady at -30H; Aberdeen, South Dakota, is 10 cents weaker at -90H; Mitchell, South Dakota, is 5 cents stronger at -75H; and Mankato, Minnesota, is steady at -15H. BN secondary shuttle freight for January is bid plus $300 over tariff against offers of $500 over. UP secondary for freight for January is bid plus $100 over against no offers.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Thursday was 62 cents under the March futures, unchanged from Wednesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Thursday was 57 cents under the Kansas City March futures, 1 cent weaker than Wednesday's basis. The KC spot milling cash premiums were steady with no cars showing for sale due in part to poor winter weather conditions all week. Ordinary protein was steady at +110, 11% was steady at +125; 11.2% through 11.6% was steady at +125; 11.8% through 12% protein was steady 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 up 5 cents at +150 and PNW 11.5% was steady at +145, while the track Gulf basis bid is steady at +125 for Jan. 11% protein and no bump for higher protein.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Thursday was 29 cents under the Minneapolis March futures, 2 cents weaker than Wednesday's basis. The Minneapolis spot spring wheat cash premiums closed as follows, based on Minneapolis March futures: 12% proteins were unchanged at +100N; 13% proteins were unchanged at +100N; 13.5% proteins were unchanged at +125N; 14% proteins were up 10 cents to unchanged at +220* to +225N; 14.5% proteins were unchanged at +190N; 15% proteins were down 5 cents at +300 and 16% proteins were not quoted. Wheat receipts on the exchange floor were 36 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.

(c) Copyright 2024 DTN, LLC. All rights reserved.