DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was 1 cent stronger at 37 cents under the December futures contract, while the DTN National Corn Index was down 4 cents at $3.93. The national average basis for soybeans was 1 cent weaker at 83 cents under the January futures contract, while the DTN National Soybean Index was up 13 cents at $10.25. 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 down 9 cents at $4.45. 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 down 9 cents at $5.20.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$3.93	-$0.04	-$0.37	Dec	$0.002
Soybeans:	$10.25	$0.13	-$0.83	Jan	-$0.004
SRW Wheat:	$4.62	-$0.08	-$0.62	Dec	-$0.001
HRW Wheat:	$4.45	-$0.09	-$0.68	Dec	$0.003
HRS Wheat:	$5.20	-$0.09	-$0.30	Dec	$0.007

CORN:

The national average corn basis for Thursday was 37 cents under the December futures, 1 cent stronger than Wednesday's basis. PNW basis is 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 -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 -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 5 cents weaker at -30Z; St. Paul, Minnesota river basis is 5 cents stronger at -30Z and Marshall, Minnesota, is steady at -35Z.

SOYBEAN:

The national average soybean basis for Thursday was 83 cents under the January futures, 1 cent weaker than Wednesday's basis. PNW basis for November is steady at +100X. CIF basis for November is 2 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 steady at +3X; St. Paul, Minnesota, is steady at -40X and basis on the Illinois River at Havana, Illinois, is 5 cents stronger at +2X. The Mississippi River at Memphis is at -5.62 feet below zero gauge and is expected to crest at -3.5 feet below zero-gauge next week. Barge drafts went to 10'6" Friday and may go back to 11'0" Monday. 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 5 cents weaker at -40X; Decatur, Illinois, is steady at option the X; Volga, South Dakota, is at -70F; Spiritwood, North Dakota, is at -85F; NDSP Casselton, North Dakota is at -90F; Hastings, Nebraska, is at -90F; Lincoln, Nebraska, is 20 cents stronger at -40X; Aberdeen, South Dakota, is steady at -100F; Mitchell, South Dakota, is 14 cents stronger at -76X; and Mankato, Minnesota, is at -25F. BN secondary shuttle freight for returns is bid plus $1000 over against no offers, FH Nov is bid plus $1000 over against offers of plus $1500 over and LH November is bid plus $700 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 Thursday was 62 cents under the December futures, unchanged from Wednesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Thursday was 68 cents under the Kansas City December futures, unchanged from Wednesday's basis. Spot premiums were higher today as mills continue their buying spree and some of the push is due to logistic issues so mills need spot wheat for their grind. Ordinary protein is steady at +105; 11.0% through 11.2% was up 10 at +120; 11.4% through 11.6% is steady at +150; 11.8% through 12.4% is up 11 at +161;12.6 through 13.8% is steady 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 10 cents weaker at +160Z, while Texas Gulf basis for 11% is down 5 at +125Z.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Thursday was 30 cents under the MIAX Minneapolis December futures, 1 cent stronger 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 at +115N; 13% proteins are not quoted; 13.5 proteins were up 15 at +135B; 14 proteins were down 25 at +145; 14.5% proteins were down 30 at +170; 15% proteins were unchanged at +235N to +275 and 16% proteins were not quoted. Wheat receipts on the exchange floor were 22 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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