DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was steady at 21 cents under the March futures contract, and the DTN National Corn Index was down 1 cent at $4.26. The national average basis for soybeans was unchanged at 53 cents under the March futures contract, while the DTN National Soybean Index was down 18 cents at $11.51. The national average basis for hard red winter (HRW) wheat was 2 cents weaker at 55 cents under the March futures contract, while the DTN National Hard Red Winter Wheat Index was down 3 cents at $5.65. The national average basis for hard red spring (HRS) wheat was 1 cent weaker at 24 cents under the March futures contract, while the DTN National Hard Red Spring Wheat Index was up 3 cents at $6.72.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.26	-$0.01	-$0.21	Mar	$0.003
Soybeans:	$11.51	-$0.18	-$0.53	Mar	$0.006
SRW Wheat:	$5.45	$0.06	-$0.56	Mar	-$0.006
HRW Wheat:	$5.65	-$0.03	-$0.56	Mar	-$0.016
HRS Wheat:	$6.72	$0.03	-$0.24	Mar	-$0.008

CORN:

The national average corn basis for Thursday was 21 cents under the March futures, unchanged from Wednesday's basis. PNW basis for February is steady at +135H, while Hereford, Texas, for February is steady at +130H. CIF NOLA for February is steady at +58H and track St. Louis for February is steady at +20H. Processors are mixed, with Cedar Rapids, Iowa, 5 cents stronger at +5H; Fort Dodge, Iowa, is 3 cents weaker at +18H; Council Bluffs, Iowa, is steady at +13H; Decatur, Illinois, is steady at +7H; Mitchell, South Dakota, is steady at -38H; Blair, Nebraska, is steady at +10H; Hastings, Nebraska, is steady at -18H; Lincoln, Nebraska, is 5 cents stronger at -15H; Garden City, Kansas, is steady at +10H; Columbus, Nebraska, is steady at +20H; and Marshall, Minnesota, is steady at -12H.

SOYBEANS:

The national average soybean basis for Thursday was 53 cents under the March, unchanged from Wednesday's basis. There are no posted bids on the PNW for soybeans. CIF NOLA basis for February is 5 cents weaker at +70H; track St. Louis for February is 3 cents weaker at +27H. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 4 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 5 cents weaker at option the March. Processor bids are steady with Council Bluffs, Iowa, steady at -20H; Cedar Rapids, Iowa, is steady. at -15H; Sioux City is steady at -30H; Decatur, Illinois, is 5 cents stronger at +5H; Volga, South Dakota, is steady at -50H; Spiritwood, North Dakota, is -65H; Hastings, Nebraska, is steady at -80H; Lincoln, Nebraska, is steady at -20H; Aberdeen, South Dakota, is steady at -90H; Mitchell, South Dakota, is steady at -75H; and Mankato, Minnesota, is steady at -15H. BN secondary shuttle freight for returns is not bid or offered, while February is bid plus $800 over against offers of plus $1,800 over. UP secondary freight for returns is not bid or offered, while first-half February is bid plus $100 over against offers of plus $450 over.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Thursday was 56 cents under the March futures, unchanged from Wednesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Thursday was 56 cents under the Kansas City March futures, 2 cents weaker than Wednesday's basis.

The KC spot milling cash premiums were steady with no cars showing for sale. Ordinary protein was steady at +115; 11% protein through 11.8% was steady at +130; 12% through 12.2% was unchanged at +150; 12.4% through 12.6% was steady at +175; 12.8% was steady at +180; 13% through 14% protein was steady at +185. Offers for 11% protein at the Texas Gulf are steady at +155 and PNW 11.5% is steady at +155, while the track Gulf basis bid for February is steady at +125 and no bump for higher protein. Talk in the market was that China may be looking at French wheat, which of course isn't a good look for U.S exports if true.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Thursday was 24 cents under the Minneapolis March futures, 1 cent weaker than Wednesday'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 were not quoted; 14% proteins were up 70 cents to up 50 cents at +275; 14.5% proteins were not quoted; 15% proteins were up 5 cents to up 40 cents at +275 to +310. Wheat receipts on the exchange floor were 35 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 X, formerly known as Twitter, @MaryCKenn.

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