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 6 cents at $3.80. 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 up 10 cents at $9.44. The national average basis for hard red winter (HRW) wheat was 25 cents weaker at 71* cents under the December futures contract, while the DTN National Hard Red Winter Wheat Index was down 22 cents at $4.28. The national average basis for hard red spring (HRS) wheat was 1 cent weaker at 41 cents under the MIAX Minneapolis December futures contract, and the DTN National Hard Red Spring Wheat Index was up 3 cents at $5.19. (*HRW basis corrected from Wednesday.)

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$3.80	$0.06	-$0.42	Dec	$0.004
Soybeans:	$9.44	$0.10	-$0.80	Nov	-$0.008
SRW Wheat:	$4.45	$0.05	-$0.69	Dec	-$0.010
HRW Wheat:	$4.28	-$0.22	-$0.71	Dec	-$0.252
HRS Wheat:	$5.19	$0.03	-$0.41	Dec	-$0.010

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 steady at +100Z. CIF basis is steady at +81Z and track St. Louis is steady at option Z. Processors are steady with Cedar Rapids, Iowa, 3 cents stronger at -22Z; Fort Dodge, Iowa, is steady at -40Z; Council Bluffs, Iowa, is 1 cent weaker at -30Z; Des Moines, Iowa is 5 cents stronger at -45Z; Decatur, Illinois, is steady at option Z; Mitchell, South Dakota, is steady at -58Z; Blair, Nebraska, is steady at -22Z; Hastings, Nebraska, is steady at -25Z; Lincoln, Nebraska, is steady at -42Z; Garden City, Kansas, is steady at -10Z; Columbus, Nebraska, is steady at -15Z; and Marshall, Minnesota, is 3 cents stronger at -37Z.

SOYBEAN:

The national average soybean basis for Thursday was 80 cents under the November futures, 1 cent weaker than Wednesday's basis. PNW basis for Oct. is steady at +50X. CIF basis is steady at +60X and track St. Louis is steady at -20. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 6 cents stronger at -31X; St. Paul, Minnesota, is 10 cents stronger at -80X and basis on the Illinois River at Havana, Illinois, is steady at -40X. Processors are mixed with Council Bluffs, Iowa, is 5 cents weaker at -65X; Cedar Rapids, Iowa, is steady at -50X; Sioux City is steady at -55X; Decatur, Illinois, is steady at -5X; Volga, South Dakota, is steady at -95X; Spiritwood, North Dakota, is steady at -120X; Hastings, Nebraska, is steady at -79X; Lincoln, Nebraska, is steady at -40X; Aberdeen, South Dakota, is 10 cents weaker at -115X; Mitchell, South Dakota, is steady at -110X; and Mankato, Minnesota, is steady at -55X. BN secondary shuttle freight for returns is not bid or offered, FH Oct. is not bid against offers of plus $600 and LH Oct. is bid plus $500 over against offers of plus $1000 over. UP secondary freight for returns is not bid or offered, FH Oct. is bid plus $400 over against no offers and LH Oct. is bid plus $300 over against offers of plus $600 over.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Thursday was 69 cents under the December futures, 1 cent weaker than Wednesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Thursday was 71 cents under the Kansas City December futures, 25 cents weaker than Wednesday's basis. Spot premiums were steady to higher with ordinary protein unchanged at +75; 11.0% through 11.8% was steady at +81; 12% is steady at +89; 12.2% through 12.6% is steady at +89; 12.8% is steady at +90; 13% through 13.2% is steady 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 +145Z, while Texas Gulf basis for 11% is steady at +115Z. Saudi Arabia is tendering for 420,000 metric tons of wheat today for delivery Dec. 1-Jan. 15 and per usual, that amount might be higher and likely won't be U.S. origin.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Thursday was 41 cents under the MIAX Minneapolis December futures, 1 cents 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 at +100; 14 proteins were unchanged to up 10 at +85N to +120; 14.5% proteins were unchanged at +110; 15% proteins were unchanged at +190N to +220N and 16% proteins were not quoted. Wheat receipts on the exchange floor were 50 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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