DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was unchanged at 32 cents under the March futures contract while the DTN National Corn Index was up 4 cents at $4.47. The national average basis for soybeans was 1 cent weaker at 61 cents under the March futures contract, while the DTN National Soybean Index was down 5 cents at $9.82. The national average basis for hard red winter (HRW) wheat was 1 cent stronger at 58 cents under the March futures contract, while the DTN National Hard Red Winter Wheat Index was down 3 cents at $4.99. The national average basis for hard red spring (HRS) wheat was steady at 18 cents under the March futures contract, and the DTN National Hard Red Spring Wheat Index was down 2cents at $5.70.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.47	$0.04	-$0.32	Mar	-$0.004
Soybeans:	$9.82	-$0.05	-$0.61	Mar	-$0.006
SRW Wheat:	$4.92	$0.01	-$0.55	Mar	$0.004
HRW Wheat:	$4.99	-$0.03	-$0.58	Mar	$0.004
HRS Wheat:	$5.70	-$0.02	-$0.18	Mar	$0.001

CORN:

The national average corn basis for Wednesday was 32 cents under the March futures, unchanged from Tuesday's basis. PNW basis no bid until March and is 10 cents stronger at +100H and Hereford, Texas, is steady for Feb. at +95H. CIF basis is steady at +64H and track St. Louis is 2 cents weaker at +4H. Processors are mixed with Cedar Rapids, Iowa, steady at -29H; Fort Dodge, Iowa, is steady at -27H; Council Bluffs, Iowa, is 1 cent weaker at -14H; Decatur, Illinois, is steady at option the H; Mitchell, South Dakota, is 2 cents weaker at -57H; Blair, Nebraska, is steady at -14H; Hastings, Nebraska, is steady at -40H; Lincoln, Nebraska, is 3 cents weaker at -30H; Garden City, Kansas, is steady at +10H; Columbus, Nebraska, is 2 cents weaker at -12H; and Marshall, Minnesota, is steady at -35H.

SOYBEANS:

The national average soybean basis for Wednesday was 61 cents under the March futures, 1 cent weaker than Tuesday's basis. One PNW exporter now showing a bid for first-half March at +112H and nothing after that. CIF basis is down 12 cents at +72F and track St. Louis is down 10 cents at +14H. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is steady at -2H; St. Paul, Minnesota, Mississippi River is closed for winter and basis on the Illinois River at Havana, Illinois, is 2 cents weaker at -6H. Low water is hitting the Mississippi River at St. Louis, currently at -2.93 feet below zero gauge and falling. Drafts will likely be reduced soon. Also, extreme cold is hampering travel on the Illinois River as ice builds up. Processors are mixed with Council Bluffs, Iowa, 1 cent weaker at -43H; Cedar Rapids, Iowa, is 5 cents weaker at -25H; Sioux City is steady at -35H; Decatur, Illinois, is 15 cents weaker at -5H; Volga, South Dakota, is 5 cents stronger at -60H; Spiritwood, North Dakota, is steady at -60H; Hastings, Nebraska, is steady at -77H; Lincoln, Nebraska, is steady at -35H; Aberdeen, South Dakota, is steady at -70H; Mitchell, South Dakota, is steady at -95H; and Mankato, Minnesota, is steady at -35H. BN secondary shuttle freight for returns is not bid against no offers, January is bid minus $100 under against offers of plus $300 over and first-period February is bid plus $100 over against offers of $450 over. UP secondary freight for returns is not bid against no offers, last-half January is bid minus $500 under against offers of minus $300 under and February is bid minus $400 under against offers of $200 under.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Wednesday was 55 cents under the March futures, unchanged from Tuesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Wednesday was 58 cents under the Kansas City March futures, 1 cent stronger than Tuesday's basis. The KC spot milling cash premiums were steady with few cars showing sold and traders note that millers are covered in the near term. Ordinary protein was steady at +90; 11% protein was steady at +102; 11.2% was steady at +112; 11.4% through 12.8% was steady at +115; 12% through 12.2% was up 2 cents at +112; 12.4% was steady at +112; 12.6% through 12.8% was up 2 cents at +112; 13% through 13.6% was steady at +115; and 13.8% through 14% was steady at +140. Track Gulf bid for 11% protein was steady at +105 with no protein bumps. PNW 11.5% was steady at +130, while the Texas Gulf basis for 11% was steady at +130.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Wednesday was 18 cents under the Minneapolis March futures, unchanged from 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 were down 35 at +140; 14 proteins were up 65 to up 5 at +220; 14.5% proteins were unchanged at +200N; 15% proteins were down 50 to up 5 at +250 to +355, and 16% proteins were not quoted. Wheat receipts on the exchange floor were 29 cars, which included zero train(s). Bid (B), Ask (A), Nominal (N). Minneapolis Daily Spot 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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