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 up 1 cent at $3.83. The national average basis for soybeans was 1 cent weaker at 81 cents under the November futures contract, while the DTN National Soybean Index was up 3 cents at $9.32. The national average basis for hard red winter (HRW) wheat was 1 cent weaker at 77 cents under the December futures contract, while the DTN National Hard Red Winter Wheat Index was up 5 cents at $4.35. 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 up 5 at $5.18.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$3.83	$0.01	-$0.42	Dec	-$0.002
Soybeans:	$9.32	$0.03	-$0.81	Nov	-$0.004
SRW Wheat:	$4.56	$0.08	-$0.71	Dec	$0.002
HRW Wheat:	$4.35	$0.05	-$0.77	Dec	-$0.009
HRS Wheat:	$5.18	$0.05	-$0.55	Dec	-$0.004

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 October at +110Z and Hereford, Texas, for October is $5 stronger at +100Z. CIF basis is 3 cents stronger at +78Z and track St. Louis is 5 cents stronger at +2Z. Processors are steady 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 -20Z; Mitchell, South Dakota, is at -58Z; Blair, Nebraska, is steady 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 -8Z; and Marshall, Minnesota, is steady at -42Z.

SOYBEAN:

The national average soybean basis for Thursday was 81 cents under the November futures, 1 cent weaker than Wednesday's basis. PNW basis for November is steady at +60X. CIF basis is 2 cents stronger at +62X and track St. Louis is 5 cents weaker at -30. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 3 cents weaker at -30X; St. Paul, Minnesota, is steady at -90X and basis on the Illinois River at Havana, Illinois, is 25 cents stronger at -20X. The Mississippi River at Memphis is at -5.88 below zero gauge and while recent rain will help it rise to -4.1 feet by early next week, the next 2 weeks look dry and will cause another slow fall. Barge restrictions saw a slight reprieve on the LMR, but if river levels fall again, USCG will likely reinstate lower tow and draft sizes. Processors are mixed with Council Bluffs, Iowa, steady at -40X; Cedar Rapids, Iowa, is steady at -35X; Sioux City is 15 cents weaker at -30X; Decatur, Illinois, is steady at -25X; Volga, South Dakota, is steady at -95X; Spiritwood, North Dakota, is 20 cents weaker at -100X; Hastings, Nebraska, is steady at -76X; Lincoln, Nebraska, is steady at -40X; Aberdeen, South Dakota, is steady at -105X; Mitchell, South Dakota, is steady at -115; and Mankato, Minnesota, is steady at -45X. BN secondary shuttle freight for returns is not bid or offered, Sept. is bid plus $400 over against no offers and Oct. is bid plus $600 over against offers of plus $1,000 over. UP secondary freight for returns is not bid or offered, Sept. is bid even money against no offers, and Oct. is bid plus $200 over against no offers.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Thursday was 71 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, 1 cent weaker than Wednesday's basis. Spot premiums were steady to higher with ordinary protein unchanged at +75; 11.0% through 11.4% was down 2 at +83; 11.6 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 up 5 at +90Z with no protein bumps. September PNW 11.5% is down 5 at +140Z, while Texas Gulf basis for 11% is steady at +120Z.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Thursday was 55 cents under the MIAX Minneapolis December futures, unchanged from 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 not quoted; 14 proteins were down 5 to up 20 at +95 to +120; 14.5% proteins were not quoted; 15% proteins were unchanged at +170N to +200 and 16% proteins were not quoted. Wheat receipts on the exchange floor were 39 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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