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 $3.80. The national average basis for soybeans was steady at 81 cents under the November futures contract, while the DTN National Soybean Index was up 1 cent at $9.33. 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 6 cents at $4.29. 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 at $5.14.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$3.80	-$0.03	-$0.42	Dec	$0.007
Soybeans:	$9.33	$0.01	-$0.81	Nov	-$0.003
SRW Wheat:	$4.48	-$0.08	-$0.71	Dec	-$0.005
HRW Wheat:	$4.29	-$0.06	-$0.76	Dec	$0.011
HRS Wheat:	$5.14	-$0.04	-$0.54	Dec	$0.014

CORN:

The national average corn basis for Friday was 42 cents under the December futures, unchanged from Thursday's basis. PNW basis is steady for October at +110Z and Hereford, Texas, for October is steady at +100Z. CIF basis is steady at +78Z and track St. Louis is steady at +2Z. Processors are steady with Cedar Rapids, Iowa, 3 cents weaker at -27Z; 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 2 cents weaker at -10Z; and Marshall, Minnesota, is 2 cents stronger at -40Z.

SOYBEAN:

The national average soybean basis for Friday was 81 cents under the November futures, unchanged from Thursday's basis. PNW basis for November is steady at +60X. CIF basis is steady at +62X and track St. Louis is steady at -30. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is steady at -30X; St. Paul, Minnesota, is steady at -90X and basis on the Illinois River at Havana, Illinois, is 5 cents stronger at -40X. The Mississippi River at Memphis is at -4.01 below zero gauge and while recent rain will help it rise to -3.4 feet by early next week, and with dry weather expected, we will see 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 -45X; Decatur, Illinois, is steady at -25X; Volga, South Dakota, is steady at -95X; Spiritwood, North Dakota, is 20 cents weaker at -120X; 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.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Friday was 71 cents under the December futures, unchanged from Thursday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Friday was 76 cents under the Kansas City December futures, 1 cent stronger than Thursday's basis. Spot premiums were steady to higher with ordinary protein unchanged at +75; 11.0% through 11.4% was steady at +83; 11.6 through 12.6% is steady at +85; 12.8% is steady at +90; 13% through 13.2% is down 15 at +95; 13.4% through 14% is steady at +115. Gulf bid for spot 11% protein was steady at +90Z 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 Friday was 54 cents under the MIAX Minneapolis December futures, 1 cent stronger Thursday'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 up 5 to unchanged at +100 to +120N; 14.5% proteins were at +115 to +165; 15% proteins were unchanged at +170N to +200N and 16% proteins were not quoted. Wheat receipts on the exchange floor were 33 cars, which includes zero train(s). Bid (B), Ask (A), Nominal (N). Minneapolis Daily Spot Grain Prices are Delivered Chicago/Beyond freight. U.S. Wheat Associates said in their weekly harvest report that "State representatives report that despite environmental challenges, yields have generally been above average. Areas of lower yields resulted from below-average precipitation, isolated storm damage and disease pressure. As data show, this is a typical HRS crop but with lower vitreous kernel content due to wet weather. Current protein average is at 14.3% versus 14.1% last year.

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

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