DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was steady at 42 cents under the December futures contract, while the DTN National Corn Index was down 7 cents at $3.82. The national average basis for soybeans was 1 cent weaker at 80 cents under the November futures contract, while the DTN National Soybean Index was down 4 cents at $9.63. 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 unchanged at $4.37. The national average basis for hard red spring (HRS) wheat was steady at 55 cents under the MIAX Minneapolis December futures contract, and the DTN National Hard Red Spring Wheat Index was unchanged at $5.16.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$3.82	-$0.07	-$0.42	Dec	$0.000
Soybeans:	$9.63	-$0.04	-$0.80	Nov	-$0.007
SRW Wheat:	$4.54	$0.03	-$0.71	Dec	$0.016
HRW Wheat:	$4.37	$0.00	-$0.77	Dec	$0.003
HRS Wheat:	$5.16	$0.00	-$0.55	Dec	-$0.005

CORN:

The national average corn basis for Monday was 42 cents under the December futures, unchanged from Friday's basis. PNW basis is steady for September at +113Z and Hereford, Texas, is for October is steady at +100Z. CIF basis is steady at +82Z and track St. Louis is steady at +3Z. Processors are mixed with Cedar Rapids, Iowa, steady at-25Z; Fort Dodge, Iowa, is steady at -40Z; Council Bluffs, Iowa, is steady at -29Z; Decatur, Illinois, is steady at -15Z; Mitchell, South Dakota, is at -58Z; Blair, Nebraska, is steady at -20Z; Hastings, Nebraska, is steady at -25Z; Lincoln, Nebraska, is at -38Z; Garden City, Kansas, is steady at -20Z; Columbus, Nebraska, is steady at -12Z; and Marshall, Minnesota, is 5 cents weaker at -35Z.

SOYBEAN:

The national average soybean basis for Monday was 80 cents under the November futures, 1 cent weaker than Friday's basis. PNW basis for October is steady at +52X. CIF basis is 4 cents stronger at +59X 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 -5.48 feet below zero gauge and USCG has initiated low water safety protocols on the Lower Mississippi of lower drafts and tow sizes. Processors are mixed with Council Bluffs, Iowa, steady at -40X; Cedar Rapids, Iowa, is steady at -50X; Sioux City is steady at -45Z; Decatur, Illinois, is steady at -25; Volga, South Dakota, is 10 cents stronger at -45X; Spiritwood, North Dakota, is steady at -105X; Hastings, Nebraska, is steady at -73X; Lincoln, Nebraska, is steady at -40X; Aberdeen, South Dakota, is steady at -100X; Mitchell, South Dakota, is $1 weaker at -116; and Mankato, Minnesota, is steady at -40X. BN secondary shuttle freight for returns is not bid or offers, Sept. is bid plus $50 over against no offers and Oct. is bid plus $400 over against offers of plus $650 over. UP secondary freight for returns is not bid or offered, Sept. is bid plus $50 over against no offers and Oct. is bid plus $200 over against no offers.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Monday was 71 cents under the December futures, 2 cents stronger than Friday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Monday was 77 cents under the Kansas City December futures, unchanged from Friday's basis. Spot premiums were steady to higher with ordinary protein unchanged at +75; 11.0% unchanged at +85; 11.2% through 12.4% down 4 at +85; 12.6% is down 5 at +85; 12.8% is steady at +90; 13% through 13.2% is down 11 at +105; 13.4% is steady at +116; 13.6% through 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. USDA noted in their crop progress report yesterday afternoon that winter wheat planting is at 11% versus the average of 16%. Traders have commented that there are major issues with grasshoppers and army worms in Kansas and Oklahoma that can delay planting.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Monday was 55 cents under the MIAX Minneapolis December futures, unchanged from Friday'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 unchanged at +70N to +80N; 14 proteins were unchanged to up 15 at +80N to +105; 14.5% proteins were at +125 to +130B; 15% proteins were up 40 at +200 and 16% proteins were not quoted. Wheat receipts on the exchange floor were 31 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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