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 3 cents at $3.82. The national average basis for soybeans was steady at 80 cents under the November futures contract, while the DTN National Soybean Index was down 6 cents at $9.57. 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 6 cents at $4.33. The national average basis for hard red spring (HRS) wheat was 1 cent weaker at 56 cents under the MIAX Minneapolis December futures contract, and the DTN National Hard Red Spring Wheat Index was down 3 cents at $5.16.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$3.82	-$0.03	-$0.42	Dec	$0.000
Soybeans:	$9.57	-$0.06	-$0.80	Nov	$0.002
SRW Wheat:	$4.52	-$0.04	-$0.72	Dec	$0.000
HRW Wheat:	$4.33	-$0.06	-$0.77	Dec	$0.001
HRS Wheat:	$5.16	-$0.03	-$0.56	Dec	-$0.008

CORN:

The national average corn basis for Thursday was 42 cents under the December futures, unchanged from Wednesday's basis. PNW basis is steady for September at +115Z and Hereford, Texas, for October is steady at +95Z. CIF basis is steady at +78Z and track St. Louis is steady at -2Z. Processors are mixed with Cedar Rapids, Iowa, steady at -24Z; 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 2 cents stronger at -22Z; 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 -40Z.

SOYBEAN:

The national average soybean basis for Thursday was 80 cents under the November futures, unchanged from Wednesday's basis. PNW basis for October is steady at +60X. CIF basis is 5 cents weaker at +62X and track St. Louis is steady at -35. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 5 cents stronger at -35X; St. Paul, Minnesota, is steady at -90X and basis on the Illinois River at Havana, Illinois, is steady at -45X. Low water restrictions set by the USCG remain in place on the Lower Mississippi River, with Memphis at -5.82 below zero gauge and forecast is that it will reach -8 feet by Oct. 1. The USACE has started dredging below Memphis and that will slow traffic further. Processors are mixed with Council Bluffs, Iowa, steady at -40X; Cedar Rapids, Iowa, is steady at -50X; Sioux City is 20 cents weaker at -45Z; Decatur, Illinois, is steady at -25; Volga, South Dakota, is steady at -55X; Spiritwood, North Dakota, is steady at -105X; Hastings, Nebraska, is 3 cents weaker at -76X; Lincoln, Nebraska, is steady at -40X; Aberdeen, South Dakota, is 5 cents weaker at -105X; Mitchell, South Dakota, is steady at -116; and Mankato, Minnesota, is 5 cents stronger at -25X. BN secondary shuttle freight for returns is not bid or offers, Sept. is bid plus $200 over against offers of plus $300 over and Oct. is bid plus $500 over against offers of plus $650 over. UP secondary freight for returns is not bid or offered, Sept. is bid plus $200 over against offers of plus $400 over and Oct. is bid plus $300 over against offers of plus $500 over.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Thursday was 72 cents under the December futures, unchanged from Wednesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Thursday was 77 cents under the Kansas City December futures, unchanged from Wednesday's basis. Spot premiums were steady to higher with ordinary protein unchanged at +75; 11.0% unchanged at +85; 11.2% through 12.6% is at +85; 12.8% is steady at +90; 13% through 13.2% is steady at +110; 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 +145Z, while Texas Gulf basis for 11% is steady at +120Z. The Iran business talked about Thursday isn't clarified as to how much business was actually done. South Korean flour miller is tendering for a 30,000 mt combo of U.S. milling wheat, consisting of HRW/HRS/SWW.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Thursday was 56 cents under the MIAX Minneapolis December futures, 1 cent weaker than Wednesday'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 +85N to +100N; 14 proteins were unchanged to up 25 to unchanged +125; 14.5% proteins were down 20 at +130; 15% proteins were up 15 to down 5 at +215 to +240 and 16% proteins were not quoted. Wheat receipts on the exchange floor were 16 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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