DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was 1 cent stronger at 38 cents under the December futures contract, while the DTN National Corn Index was up 6 cents at $3.91. The national average basis for soybeans was 2 cents stronger at 69 cents under the November futures contract, while the DTN National Soybean Index was up 27 cents at $9.98. The national average basis for hard red winter (HRW) wheat was steady at 69 cents under the December futures contract, while the DTN National Hard Red Winter Wheat Index was up 13 cents at $4.45. The national average basis for hard red spring (HRS) wheat was 2 cents stronger at 32 cents under the MIAX Minneapolis December futures contract, and the DTN National Hard Red Spring Wheat Index was up 5 cents at $5.28.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$3.91	$0.06	-$0.38	Dec	$0.009
Soybeans:	$9.98	$0.27	-$0.69	Nov	$0.017
SRW Wheat:	$4.63	$0.15	-$0.63	Dec	$0.018
HRW Wheat:	$4.45	$0.13	-$0.69	Dec	$0.003
HRS Wheat:	$5.28	$0.05	-$0.32	Dec	$0.015

CORN:

The national average corn basis for Monday was 38 cents under the December futures, 1 cent stronger than Friday's basis. PNW basis is steady for October at +110Z and steady for November at +115Z, while Hereford, Texas, is steady at +100Z. CIF basis is steady at +82Z and track St. Louis is steady at +21Z. Processors are mixed with Cedar Rapids, Iowa, steady at -24Z; Fort Dodge, Iowa, is steady at -38Z; Council Bluffs, Iowa, is steady at -25Z; Des Moines, Iowa, is steady at -20Z; Decatur, Illinois, is steady at -5Z; Mitchell, South Dakota, is steady at -60Z; Blair, Nebraska, is steady at -25Z; Hastings, Nebraska, is steady at -32Z; Lincoln, Nebraska, is steady at -47Z; Garden City, Kansas, is steady at -10Z; Columbus, Nebraska, is steady at -25Z; St. Paul, Minnesota river basis is steady at -30Z and Marshall, Minnesota, is 8 cents stronger at -40Z.

SOYBEAN:

The national average soybean basis for Monday was 69 cents under the November futures, 2 cents stronger than Friday's basis. PNW basis for Oct. is steady for November at +90X. CIF basis is steady at +89X and track St. Louis is steady at +25Z. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is steady at option the X; St. Paul, Minnesota, is steady at -45X and basis on the Illinois River at Havana, Illinois, is steady at -8X. The Mississippi River at Memphis is at -8.1 feet below zero gauge and is expected to rise to -2.2 feet below zero gauge next week. Rains are a blessing for now to let the heavy loads pass, but shoaling is popping up in parts of the far LMR. Processors are mixed with Council Bluffs, Iowa, steady at -55X; Des Moines, Iowa, is steady at -20X; Cedar Rapids, Iowa, is steady at -15X; Sioux City is steady at -35X; Decatur, Illinois, is steady at option the X; Volga, South Dakota, is 10 cents stronger at -65X; Spiritwood, North Dakota, is steady at -85X; NDSP Casselton, North Dakota is 2 cents stronger at +65X; Hastings, Nebraska, is steady at -75X; Lincoln, Nebraska, is steady at -60X; Aberdeen, South Dakota, is steady at -90X; Mitchell, South Dakota, is steady at -101X; and Mankato, Minnesota, is steady at -10X. BN secondary shuttle freight for returns is bid $900 against offers of $1300, FH Nov is bid plus $700 over against offers of plus $1300 over and LH November is bid plus $600 over against offers of plus $1000 over. UP secondary freight for returns (Mexico option) is bid plus $600 over against no offers, FP Nov. (Mexico option) is bid plus $600 over against no offers and FH Nov. is bid plus $300 over against no offers.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Monday was 63 cents under the December futures, 3 cents stronger than Friday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Monday was 69 cents under the Kansas City December futures, unchanged from Friday's basis. Spot premiums were steady to higher again as mills continue their buying spree. Ordinary protein steady at +105; 11.0% through 11.2% was steady at +110; 11.4% through 12.4% is up 3 at +135; 12.6 through 13.8% is up 5 at +125 and 14% is steady at +150. Gulf bid for spot 11% protein is steady at +100Z with no protein bumps. PNW 11.5% is steady at +155Z, while Texas Gulf basis for 11% is steady at +130Z. A Reuters poll put US winter wheat plantings at 84% complete vs 75% last week.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Monday was 32 cents under the MIAX Minneapolis December futures, 2 cents stronger than Friday'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 at +115N; 13% proteins are not quoted; 13.5 proteins were down 20 at +120; 14 proteins were unchanged at +160 to +175; 14.5% proteins were unchanged at +200N; 15% proteins were at +270 to +275 and 16% proteins were not quoted. Wheat receipts on the exchange floor were 30 cars, which includes zero train(s). Bid (B), Ask (A), Nominal (N). Minneapolis Daily Spot Grain Prices are Delivered Chicago/Beyond freight. Spring Wheat and durum harvest is showing good yields with variable quality. Here is a link to my spring wheat and durum harvest story: https://www.dtnpf.com/….

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

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