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 2 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 3 cents at $9.29. The national average basis for hard red winter (HRW) wheat was 1 cent stronger at 76 cents under the December futures contract, while the DTN National Hard Red Winter Wheat Index was down 5 cents at $4.30. 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 $5.13.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$3.82	-$0.02	-$0.42	Dec	-$0.019
Soybeans:	$9.29	-$0.03	-$0.80	Nov	-$0.029
SRW Wheat:	$4.48	-$0.01	-$0.71	Dec	-$0.006
HRW Wheat:	$4.30	-$0.05	-$0.76	Dec	-$0.046
HRS Wheat:	$5.13	$0.00	-$0.55	Dec	$0.000

CORN:

The national average corn basis for Wednesday was 42 cents under the December futures, unchanged from Tuesday's basis. PNW basis is steady for September at +115Z and Hereford, Texas, for October is steady at +95Z. CIF basis is 3 cents weaker at +75Z and track St. Louis is 3 cents weaker at -5Z. 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 5 cents weaker at -20Z; 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 4 cents stronger at -8Z; and Marshall, Minnesota, is 2 cents weaker at -42Z.

SOYBEAN:

The national average soybean basis for Wednesday was 80 cents under the November futures, unchanged from Tuesday's basis. PNW basis for October is steady at +60X. CIF basis is 2 cents weaker at +60X and track St. Louis is 5 cents weaker at -30. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 1 cent weaker at -27X; 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 getting some relief to -5 feet below zero gauge. 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 -35X; Sioux City is at -15X; Decatur, Illinois, is steady at -25X; Volga, South Dakota, is 30 cents weaker at -95X; Spiritwood, North Dakota, is 15 cents stronger at -80X; Hastings, Nebraska, is steady at -76X; Lincoln, Nebraska, is steady at -40X; Aberdeen, South Dakota, is 5 cents weaker at -105X; Mitchell, South Dakota, is steady at -115; and Mankato, Minnesota, is 15 cents weaker at -45X. BN secondary shuttle freight for returns is bid plus $200 over against no offers, Sept. is bid plus $300 over against no offers and Oct. is bid plus $600 over against no offers. UP secondary freight for returns is not bid or offered, Sept. is not bid or offered, and Oct. is bid plus $200 over against no offers.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Wednesday was 71 cents under the December futures, 1 cent stronger than Tuesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Wednesday was 76 cents under the Kansas City December futures, 1 cent stronger than Tuesday's basis. Spot premiums were steady to higher with ordinary protein unchanged at +75; 11.0% through 12.6% is steady at +85; 12.8% is steady at +90; 13% through 13.2% is steady at +110; 13.4% through 14% is steady at +115. 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. South Korean flour miller bought a combo of U.S. milling wheat, consisting of HRW/HRS/SWW.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Wednesday was 55 cents under the MIAX Minneapolis December futures, unchanged from 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 down 10 to down 20 at +100; 14.5% proteins were down 13 to up 20 at +90B to +140A; 15% proteins were down 80 to down 50 at +170 to +200 and 16% proteins were not quoted. Wheat receipts on the exchange floor were 64 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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