DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was steady at 38 cents under the December futures contract, while the DTN National Corn Index was up 4 cents at $3.94. The national average basis for soybeans was 1 cent stronger at 68 cents under the November futures contract, while the DTN National Soybean Index was up 12 cents at $10.10. The national average basis for hard red winter (HRW) wheat was 1 cent stronger at 68 cents under the December futures contract, while the DTN National Hard Red Winter Wheat Index was up 6 cents at $4.52. The national average basis for hard red spring (HRS) wheat was steady at 32 cents under the MIAX Minneapolis December futures contract, and the DTN National Hard Red Spring Wheat Index was up 1 cent at $5.29.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$3.94	$0.04	-$0.38	Dec	$0.005
Soybeans:	$10.10	$0.12	-$0.68	Nov	$0.007
SRW Wheat:	$4.67	$0.03	-$0.62	Dec	$0.005
HRW Wheat:	$4.52	$0.06	-$0.68	Dec	$0.007
HRS Wheat:	$5.29	$0.01	-$0.32	Dec	-$0.003

CORN:

The national average corn basis for Tuesday was 38 cents under the December futures, unchanged from Monday'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 3 cents stronger at +85Z and track St. Louis is steady at +21Z. Processors are mixed with Cedar Rapids, Iowa, 2 cents weaker at -26Z; 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 steady at -40Z.

SOYBEAN:

The national average soybean basis for Tuesday was 68 cents under the November futures, 1 cent stronger than Monday's basis. PNW basis for November is 10 cents stronger at +100X. CIF basis for November is 5 cents stronger at +94X and track St. Louis is steady at +25Z. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 3 cents stronger at +3X; St. Paul, Minnesota, is 5 cents stronger at -40X and basis on the Illinois River at Havana, Illinois, is steady at -8X. The Mississippi River at Memphis is at -7.2 feet below zero gauge and is expected to rise to -2.7 feet below zero-gauge next week. Barge drafts at Cairo south are now at 10'0" and should go to 10'6" next week. Processors are mixed with Council Bluffs, Iowa, 5 cents stronger at -50X; 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 steady at -65X; Spiritwood, North Dakota, is steady at -85X; NDSP Casselton, North Dakota is 2 cents stronger at -63X; Hastings, Nebraska, is steady at -75X; Lincoln, Nebraska, is steady at -60X; Aberdeen, South Dakota, is steady at -90X; Mitchell, South Dakota, is 11 cents stronger at -90X; and Mankato, Minnesota, is steady at -10X. BN secondary shuttle freight for returns is bid $900 against no offers, FH Nov is bid plus $900 over against no offers 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, FH Nov. (Mexico option) is bid plus $600 over against offers of plus $1100 and FH Nov. is bid plus $400 over against no offers.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Tuesday was 62 cents under the December futures, 1 cent stronger than Monday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Tuesday was 68 cents under the Kansas City December futures, 1 cent stronger than Monday's basis. Spot premiums were steady with ordinary protein steady at +105; 11.0% through 11.2% was steady at +110; 11.4% through 12.4% is steady at +135; 12.6 through 13.8% is steady 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 5 cents weaker at +150Z, while Texas Gulf basis for 11% is steady at +130Z.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Tuesday was 32 cents under the MIAX Minneapolis December futures, unchanged from Monday'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 unchanged at +120N; 14 proteins were up 10 to down 5 at +170; 14.5% proteins were unchanged at +200N; 15% proteins were down 15 to unchanged at +235 to +275 and 16% proteins were not quoted. Wheat receipts on the exchange floor were 15 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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