DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was 1 cent weaker at 33 cents under the December futures contract and the DTN National Corn Index was up 4 cents at $3.96. The national average basis for soybeans was 2 cents weaker at 65 cents under the November futures contract, and the DTN National Soybean Index was down 1 cent at $9.93. The national average basis for hard red winter (HRW) wheat was 2 cents stronger at 57 cents under the December futures contract, and the DTN National Hard Red Winter Wheat Index was up 16 cents at $5.41. The national average basis for hard red spring (HRS) wheat was 11 cents weaker (error) at 60 cents under the December futures contract, while the DTN National Hard Red Spring Wheat Index was up 3 cents at $5.75.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$3.96	$0.04	-$0.33	Dec	-$0.004
Soybeans:	$9.93	-$0.01	-$0.65	Nov	-$0.014
SRW Wheat:	$5.29	$0.20	-$0.70	Dec	$0.051
HRW Wheat:	$5.41	$0.16	-$0.57	Dec	$0.017
HRS Wheat:	$5.75	$0.03	-$0.60	Dec	-$0.105

CORN:

The national average corn basis for Tuesday was 33 cents under the December futures, 1 cent weaker than Monday's basis. PNW basis for first-half December is steady at +145Z, and Hereford, Texas, for first-half December is steady at +140Z. CIF NOLA has no October or first-half November bids posted and last-half November is steady at +80Z and last-half November track St. Louis is steady at +24Z. Processors are mixed with Cedar Rapids, Iowa, steady at +10Z; Fort Dodge, Iowa, is 5 cents weaker at -20Z; Council Bluffs, Iowa, is 1 cent weaker at -20Z; Decatur, Illinois, is 4 cents weaker at -21Z; Mitchell, South Dakota, is steady at -50Z; Blair, Nebraska, is steady at -5Z; Hastings, Nebraska, is steady at -15Z; Lincoln, Nebraska, is steady at -22Z; Garden City, Kansas, is steady at +20Z; Columbus, Nebraska, is steady at -5Z; and Marshall, Minnesota, is steady at -18Z.

SOYBEANS:

The national average soybean basis for Tuesday was 65 cents under the November futures, 2 cents weaker than Monday's basis. PNW bid for first-half October is 10 cents weaker +150X, CIF NOLA basis for October is steady at +74X and track St. Louis for first-half October is 2 cents weaker at -19X. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is steady at -45X; St. Paul, Minnesota, river bid is 10 cents weaker at -65X; and basis on the Illinois River at Havana, Illinois, is steady at -45X. Processors are mixed with Council Bluffs, Iowa, steady at -45X; Cedar Rapids, Iowa, is 15 cents weaker at -55X; Sioux City is steady at -40X; Decatur, Illinois, is steady at -20X; Volga, South Dakota, is steady at -60X; Spiritwood, North Dakota, is 3 cents weaker at -60X; Hastings, Nebraska, is steady at -54X; Lincoln, Nebraska, is steady at -40X; Aberdeen, South Dakota, is steady at -75X; Mitchell, South Dakota, is steady at -75X; and Mankato, Minnesota, is steady at -5X. BN secondary shuttle freight for returns is bid $1700 against offers of $2400 and October is bid plus $1700 over against offers of +$2500. UP secondary freight for returns is bid plus $1100 over against offers of plus $1900 over, and October is bid plus $1000 over with no offers.

SOFT RED WINTER WHEAT

The national average SRW wheat basis for Tuesday was 70 cents under the December futures, 5 cents stronger than Monday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Tuesday was 57 cents under the Kansas City December futures, 2 cents stronger than Monday's basis. The KC spot milling cash premiums were steady with ordinary protein unchanged at +60; 11% through 11.4% proteins steady at +70; 11.6% was steady at +70; 11.8% through 12.4% was steady at +80; 12.6% through 12.8% was steady at +95; 13% through 13.2% was steady at +80; 13.4 through 13.6 was unchanged at +80; 13.8% was steady at +123 and 14% was steady at +128. The track Gulf bid for 11% protein was steady at +125 with no protein bumps. PNW 11.5% was steady at +175, while the Texas Gulf basis for 11% was 10 cents weaker at +135.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Tuesday was 60 cents under the Minneapolis December futures, 11 cents weaker (error) than Monday's basis. The Minneapolis spot spring wheat cash premiums closed as follows, based on Minneapolis December futures: 12% proteins were not quoted; 13% proteins were unchanged at +55N; 13.5% were not quoted; 14% proteins were unchanged at +270; 14.5% proteins were unchanged at +250N to +300N; 15% proteins were unchanged at +450, 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

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