DTN Daily Basis Comments
Tuesday Morning Basis Comments
The national average basis for corn was 1 cent stronger at 26 cents under the May futures contract and the DTN National Corn Index was unchanged at $4.10. The national average basis for soybeans was unchanged at 57 cents under the May futures contract, while the DTN National Soybean Index was down 11 cents at $11.30. The national average basis for hard red winter (HRW) wheat was unchanged at 47 cents under the May futures contract, while the DTN National Hard Red Winter Wheat Index was up 7 cents at $5.27. The national average basis for hard red spring (HRS) wheat was unchanged at 21 cents under the May futures contract, while the DTN National Hard Red Spring Wheat Index was up 4 cents at $6.29.
| DTN Cash | Change From | National | Contract | Change from | |
| Commodity | Index | Prev Day | Avg. Basis | Month | Prev Day |
| Corn: | $4.10 | $0.00 | -$0.26 | May | $0.006 |
| Soybeans: | $11.30 | -$0.11 | -$0.57 | May | -$0.002 |
| SRW Wheat: | $4.88 | $0.14 | -$0.54 | May | -$0.003 |
| HRW Wheat: | $5.27 | $0.07 | -$0.47 | May | $0.000 |
| HRS Wheat: | $6.29 | $0.04 | -$0.21 | May | -$0.004 |
CORN:
The national average corn basis for Monday was 26 cents under the May futures, 1 cent stronger than Friday's basis.
PNW basis is 5 cents stronger at +150 for last half March and Hereford, Texas, is steady at +130K for first-half March. CIF NOLA for March is steady at +48K and track St. Louis for March is steady at +17K. Processors are mixed with Cedar Rapids, Iowa, 4 cents stronger at +12K; Fort Dodge, Iowa, is steady at -5K; Council Bluffs, Iowa, is steady at +5K; Decatur, Illinois, is steady at -2K; Mitchell, South Dakota, is steady at -48K; Blair, Nebraska, is 1 cent stronger at +14K; Hastings, Nebraska, is steady at -20K; Lincoln, Nebraska, is 5 cents stronger at -15K; Garden City, Kansas, is steady at +15K; Columbus, Nebraska, is 4 cents stronger at +12K; and Marshall, Minnesota, is steady at -17K.
SOYBEANS:
The national average soybean basis for Monday was 57 cents under the May futures, unchanged from Friday's basis. PNW new-crop bid is steady at +125X, while CIF NOLA basis for March is steady at +58K and track St. Louis for March is steady at +23K. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 1 cent weaker at +13K, basis on the Illinois River at Havana, Illinois, is steady at option the May and in St. Paul, Minnesota, river opening bid is steady at +23K. With Lock and Dam 7 opening March 15, the first tow made it to St. Paul on March 17 to open the 2024 river shipping season. https://www.dtnpf.com/…
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Processors are steady with Council Bluffs, Iowa, at -20K; Cedar Rapids, Iowa, is steady at -5K; Sioux City is at -30K; Decatur, Illinois, is steady at +8K; Volga, South Dakota, is steady at -50K; Spiritwood, North Dakota, is steady at -47K; Hastings, Nebraska, is steady at -85K; Lincoln, Nebraska, is steady at -26K; Aberdeen, South Dakota, is steady at -90K; Mitchell, South Dakota, is steady at -94K; and Mankato, Minnesota, is steady at -10K. BN secondary shuttle freight for returns is bid plus $1000 over against no offers and March is bid plus $1000 over against offers of plus $2500 over and April is bid plus $400 over against offers of plus $1000 over. UP secondary freight for returns is bid plus $400 over against offers of plus $500 over and March is bid plus $400 over against offers of plus $500 over.
SOFT RED WINTER WHEAT:
The national average SRW wheat basis for Monday was 54 cents under the May futures, unchanged from Friday's basis.
HARD RED WINTER WHEAT:
The national average HRW wheat basis for Monday was 47 cents under the Kansas City May futures, unchanged from Friday's basis. The KC spot milling cash premiums basis the May was steady Monday with nothing to report. Ordinary protein through 11.4% was steady at +130; 11.6% through 11.8% was steady at +139; 12% through 12.2% was steady at +147, 12.4% through 12.8% steady at +150; 13% through 14% protein was steady at +160. Offers for 11% protein at the Texas Gulf are steady at +155 and PNW 11.5% is steady at +150, while the track Gulf basis bid for March is steady at +150 and no bump for higher protein.
HARD RED SPRING WHEAT:
The national average HRS wheat basis for Monday was 21 cents under the Minneapolis May futures, unchanged from Friday's basis. The Minneapolis spot spring wheat cash premiums closed as follows, based on Minneapolis May futures: 12% proteins were not quoted; 13% proteins were not quoted; 13.5% proteins were not quoted; 14% proteins were unchanged at +130B to +170; 14.5% proteins were up 20 cents at +160; 15% proteins were up 20 cents to unchanged at +250 and 16 proteins were not quoted. Wheat receipts on the exchange floor were 14 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.
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