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 2 cents at $3.96. The national average basis for soybeans was 3 cents stronger at 82 cents under the January futures contract, while the DTN National Soybean Index was up 2 cents at $10.12. The national average basis for hard red winter (HRW) wheat was steady at 68 cents under the December futures contract, while the DTN National Hard Red Winter Wheat Index was up 2 cents at $4.54. The national average basis for hard red spring (HRS) wheat was 1 cent stronger at 32 cents under the MIAX Minneapolis December futures contract, and the DTN National Hard Red Spring Wheat Index was unchanged at $5.30.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$3.96	$0.02	-$0.38	Dec	$0.000
Soybeans:	$10.12	$0.02	-$0.82	Jan	$0.032
SRW Wheat:	$4.70	$0.03	-$0.62	Dec	$0.001
HRW Wheat:	$4.54	$0.02	-$0.68	Dec	-$0.003
HRS Wheat:	$5.30	$0.00	-$0.31	Dec	$0.014

CORN:

The national average corn basis for Wednesday was 38 cents under the December futures, unchanged from Tuesday's basis. PNW basis is steady for November at +115Z, while Hereford, Texas, is steady at +100Z. CIF basis is 3 cents weaker at +82Z and track St. Louis is steady at +21Z. Processors are mixed with Cedar Rapids, Iowa, steady 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 3 cents weaker at -63Z; 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 5 cents stronger at -35Z.

SOYBEAN:

The national average soybean basis for Wednesday was 82 cents under the January futures, 3 cents stronger than Tuesday's basis. PNW basis for November is steady at +100X. CIF basis for November is 2 cents weaker at +92X and track St. Louis is steady at +25Z. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is steady at +3X; St. Paul, Minnesota, is steady at -40X and basis on the Illinois River at Havana, Illinois, is 5 cents stronger at -3X. The Mississippi River at Memphis is at -6.2 feet below zero gauge and is expected to crest at -3 feet below zero-gauge next week. Dredge Jadwin shutting down the channel at MM701 (below Memphis) for 24 hours. Processors are mixed with some movement to F. Council Bluffs, Iowa, is at -60F; Des Moines, Iowa, is at -35F; 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 at -85F; NDSP Casselton, North Dakota is at -90F; Hastings, Nebraska, is steady at -75X; Lincoln, Nebraska, is steady at -60X; Aberdeen, South Dakota, is at -100F; Mitchell, South Dakota, is steady at -90X; and Mankato, Minnesota, is steady at -10X. BN secondary shuttle freight for returns is bid plus $1000 over against no offers, FH Nov is bid plus $100 over against offers of plus $1500 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, 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 Wednesday was 62 cents under the December futures, unchanged from Tuesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Wednesday was 68 cents under the Kansas City December futures, unchanged from Tuesday's basis. Spot premiums were higher today as mills continue their buying spree, with ordinary protein steady at +105; 11.0% through 11.2% was up 10 at +120; 11.4% through 12.4% up 15 at +150; 12.6 through 13.8% is up 10 at +135 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 Wednesday was 31 cents under the MIAX Minneapolis December futures, 1 cent stronger than Tuesday'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 +120; 14 proteins were unchanged at +170N; 14.5% proteins were unchanged at +200N; 15% proteins were unchanged at +235N to +275 and 16% proteins were not quoted. Wheat receipts on the exchange floor were 7 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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