DTN Daily Basis Comments
Monday Morning Basis Comments
DAILY BASIS AND CASH INDEX SUMMARY:
The national average basis for corn was 1 cent stronger at 41 cents under the December futures contract, while the DTN National Corn Index was down 2 cents at $3.78. The national average basis for soybeans was unchanged at 80 cents under the November futures contract, while the DTN National Soybean Index was down 5 cents at $9.38. The national average basis for hard red winter (HRW) wheat was steady at 71 cents under the December futures contract, while the DTN National Hard Red Winter Wheat Index was down 2 cents at $4.26. The national average basis for hard red spring (HRS) wheat was steady at 41 cents under the MIAX Minneapolis December futures contract, and the DTN National Hard Red Spring Wheat Index was unchanged at $5.19.
| DTN Cash | Change From | National | Contract | Change from | |
| Commodity | Index | Prev Day | Avg. Basis | Month | Prev Day |
| Corn: | $3.78 | -$0.02 | -$0.41 | Dec | $0.005 |
| Soybeans: | $9.38 | -$0.05 | -$0.80 | Nov | $0.005 |
| SRW Wheat: | $4.47 | $0.01 | -$0.68 | Dec | $0.009 |
| HRW Wheat: | $4.26 | -$0.02 | -$0.71 | Dec | $0.001 |
| HRS Wheat: | $5.19 | $0.00 | -$0.41 | Dec | $0.006 |
CORN:
The national average corn basis for Friday was 41 cents under the December futures, 1 cent stronger than 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 +81Z and track St. Louis is steady at option Z. Processors are steady with Cedar Rapids, Iowa, 5 cents weaker at -27Z; Fort Dodge, Iowa, is steady at -40Z; Council Bluffs, Iowa, is steady at -30Z; Des Moines, Iowa is 2 cents weaker at -47Z; Decatur, Illinois, is steady at option Z; Mitchell, South Dakota, is 2 cents weaker at -60Z; 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.
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SOYBEAN:
The national average soybean basis for Friday was 80 cents under the November futures, unchanged from Thursday'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 steady at -31X; St. Paul, Minnesota, is steady at -80X and basis on the Illinois River at Havana, Illinois, is 5 cents stronger at -35X. The Mississippi River at Memphis is falling and is -6.28 feet below zero gauge, with expectations that by Thursday, Oct. 9, the river will drop below minus 8 feet. Barge drafts and tow sizes will be lowered. Processors are mixed with Council Bluffs, Iowa, 7 cents weaker at -72X; Des Moines, Iowa is 10 cents weaker at -50X; 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 steady at -115X; Mitchell, South Dakota, is steady at -111X; 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 Friday was 68 cents under the December futures, 1 cent stronger than Thursday's basis.
HARD RED WINTER WHEAT:
The national average HRW wheat basis for Friday was 71 cents under the Kansas City December futures, unchanged from Thursday's basis. Spot premiums were steady to higher with ordinary protein unchanged at +75; 11.0% was steady at +81; 11.2% is up 6 at +87; 12% is down 7 at +87; 12.2% through 12.6% is steady at +94; 13% through 14% is up 2 at +117. 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 reported to have purchased 455,000 metric tons of wheat, with specific origins not named yet.
HARD RED SPRING WHEAT:
The national average HRS wheat basis for Friday was 41 cents under the MIAX Minneapolis December futures, unchanged from 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 unchanged at +100N; 14 proteins were up 25 to unchanged at +110 to +120; 14.5% proteins were unchanged at +110N; 15% proteins were unchanged at +190N to +220 and 16% proteins were not quoted. Wheat receipts on the exchange floor were 31 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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