DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was 1 cent stronger at 41 cents under the December futures contract, while the DTN National Corn Index was down 2 cents at $3.76. The national average basis for soybeans was steady at 78 cents under the November futures contract, while the DTN National Soybean Index was down 6 cents at $9.47. The national average basis for hard red winter (HRW) wheat was steady at 77 cents under the December futures contract, while the DTN National Hard Red Winter Wheat Index was down 3 cents at $4.30. The national average basis for hard red spring (HRS) wheat was 1 cent stronger at 54 cents under the MIAX Minneapolis December futures contract, and the DTN National Hard Red Spring Wheat Index was down 4 cents at $5.15.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$3.76	-$0.02	-$0.41	Dec	$0.006
Soybeans:	$9.47	-$0.06	-$0.78	Nov	-$0.001
SRW Wheat:	$4.42	-$0.05	-$0.73	Dec	$0.002
HRW Wheat:	$4.30	-$0.03	-$0.77	Dec	$0.005
HRS Wheat:	$5.15	-$0.04	-$0.54	Dec	$0.001

CORN:

The national average corn basis for Wednesday was 41 cents under the December futures, 1 cent stronger than Tuesday's basis. PNW basis is $2 stronger for September at +112Z and Hereford, Texas, is for October is steady at +100Z. CIF basis is 1 cent stronger at +74Z and track St. Louis is 6 cents stronger at -1Z. Processors are mixed with Cedar Rapids, Iowa, steady at-25Z; Fort Dodge, Iowa, is steady at -40Z; Council Bluffs, Iowa, is steady at -27Z; Decatur, Illinois, is steady at -15Z; Mitchell, South Dakota, is at -58Z; Blair, Nebraska, is 2 cents weaker at -24Z; Hastings, Nebraska, is steady at -20Z; Lincoln, Nebraska, is at -38Z; Garden City, Kansas, is steady at -20Z; Columbus, Nebraska, is steady at -12Z; and Marshall, Minnesota, is 6 cents weaker at -40Z.

SOYBEAN:

The national average soybean basis for Wednesday was 78 cents under the November futures, unchanged from Tuesday's basis. PNW basis for October is steady at +52X. CIF basis is steady at +52X and track St. Louis is steady at -35. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is steady at -35X; St. Paul, Minnesota, is steady at -90X and basis on the Illinois River at Havana, Illinois, is steady at -45X. The Mississippi River at Memphis is at -4.29 feet below zero gauge and USCG has initiated low water conditions on the Lower Mississippi. Processors are mixed with Council Bluffs, Iowa, steady at -40X; Cedar Rapids, Iowa, is steady at -50X; Sioux City is at -25Z; Decatur, Illinois, is steady at -25; Volga, South Dakota, is steady at -55X; Spiritwood, North Dakota, is 10 cents weaker at -105X; Hastings, Nebraska, is steady at -73X; Lincoln, Nebraska, is steady at -40X; Aberdeen, South Dakota, is steady at -85X; Mitchell, South Dakota, is $1 stronger at -110X; and Mankato, Minnesota, is steady at -40X. BN secondary shuttle freight for returns is bid even money against no offers, FH Sep. is bid even money against no offers, LH Sep. is bid even money against offers of plus $250 over and FH Oct. is bid plus $100 over and offered at plus $500 over. UP secondary freight for returns is bid even money against no offers, FH Sep. is bid minus $50 under against no offers, LH Sep. is bid minus $50 under against no offers and Oct. is bid plus $100 over against offers of plus $400 over.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Wednesday was 73 cents under the December futures, unchanged from Tuesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Wednesday was 77 cents under the Kansas City December futures, unchanged from Tuesday's basis. Spot premiums were steady with ordinary protein through 11.2% unchanged at +75; 11.4% through 11.8% steady at +87; 12 through 12.4% is steady at +85; 12.6% through 12.8% is steady at +87; 13% through 13.8% is steady at +115 and 14% is steady at +120. Gulf bid for spot 11% protein was steady at +85Z with no protein bumps. September PNW 11.5% is steady at +140Z, while Texas Gulf basis for 11% is steady at +120Z.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Wednesday was 54 cents under the MIAX Minneapolis December futures, 1 cent stronger than Tuesday's basis. The MIAX Futures Exchange, LLC Floor Trading Summary of spot milling spring wheat cash premiums closed as follows basis the December MIAX spring wheat futures: 12% proteins was not quoted; 13% proteins are not quoted; 13.5 proteins were not quoted; 14 proteins were unchanged at +60N to +85; 14.5% proteins were at +170; 15% proteins were up 5 to unchanged at +160 to +200 and 16% proteins were not quoted. Wheat receipts on the exchange floor were 30 cars, which includes zero train(s). Bid (B), Ask (A), Nominal (N). Minneapolis Daily Spot Grain Prices are Delivered Chicago/Beyond freight.

Mary Kennedy can be reached at mary.kennedy@dtn.com

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