DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was steady at 36 cents under the March futures contract, while the DTN National Corn Index was down 2 cents at $3.84. The national average basis for soybeans was 2 cents stronger at 68 cents under the March futures, while the DTN National Soybean Index was up 12 cents at $9.85. The national average basis for hard red winter (HRW) wheat was 1 cent stronger at 69 cents under the March futures contract, while the DTN National Hard Red Winter Wheat Index was down 5 cents at $4.48. The national average basis for hard red spring (HRS) wheat was steady at 16 cents under the MIAX Minneapolis March futures contract, while the DTN National Hard Red Spring Wheat Index was down 5 cents at $5.46.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$3.84	-$0.02	-$0.36	Mar	$0.001
Soybeans:	$9.85	$0.12	-$0.68	Mar	$0.015
SRW Wheat:	$4.55	-$0.02	-$0.55	Mar	-$0.001
HRW Wheat:	$4.48	-$0.05	-$0.69	Mar	$0.004
HRS Wheat:	$5.46	-$0.05	-$0.16	Mar	-$0.002

CORN:

The national average corn basis for Thursday was 36 cents under the March futures, unchanged from Wednesday's basis. PNW basis for Feb. is 3 cents stronger at +115H, while Hereford, Texas, is not bid. Jan. CIF basis is 5 cents stronger at +90H and track St. Louis is 4 cents stronger at +28H. Processors are mixed with Cedar Rapids, Iowa, steady at -15H; Fort Dodge, Iowa, is steady at -30H; Council Bluffs, Iowa, is steady at -10H; Des Moines, Iowa, is steady at -21H; Decatur, Illinois, is steady at +5H; Mitchell, South Dakota, is steady at -59H; Blair, Nebraska, is 3 cents stronger at -7H; Hastings, Nebraska, is steady at -45H; Lincoln, Nebraska, is steady at -42H; Garden City, Kansas, is steady at -30H; Columbus, Nebraska, is steady at -12H; St. Paul, Minnesota is steady at -55H; and Marshall, Minnesota, is steady at -44H.

SOYBEAN:

The national average soybean basis for Thursday was 68 cents under the March futures, 2 cents stronger than Wednesday's basis. PNW basis for Jan. is steady at +110H. Jan. CIF basis is 2 cents stronger at +98H and Jan. track St. Louis is 3 cents stronger at +23H. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 2 cents stronger at +6H; St. Paul, Minnesota, is at -75H and basis on the Illinois River at Havana, Illinois, is steady at -2H. Processors are mixed with Council Bluffs, Iowa, steady at -40H; Des Moines, Iowa, is steady at -35H; Cedar Rapids, Iowa, is steady at -30H; Sioux City is steady at -40H; Decatur, Illinois, is steady at +5H; Volga, South Dakota, is steady at -80H; Spiritwood, North Dakota, is 5 cents stronger at -60H; NDSP Casselton, North Dakota is 5 cents stronger at -55H; Hastings, Nebraska, is steady at -94H; Lincoln, Nebraska, is steady at -45H; Aberdeen, South Dakota, is 5 cents stronger at -90H; Mitchell, South Dakota, is steady at -80H; and Mankato, Minnesota, is 5 cents stronger at -30H. BN secondary shuttle freight for returns is not bid or offered, LH Jan. is bid plus $200 over against offers of plus $600 over and Feb. is bid plus $700 over against offers of plus $1000 over. UP secondary freight for returns is not bid or offered, and LH January is bid plus $100 over against no offers and February is bid plus $200 over against offers of plus $500 over.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Thursday was 55 cents under the March futures, unchanged from Wednesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Thursday was 69 cents under the Kansas City March futures, 1 cent stronger than Wednesday's basis. Spot premiums were steady with ordinary protein steady at +90; 11% through 11.6% was unchanged at +105; 11.8% was steady at +106; 12 through 12.6% was steady at +106; 12.8 was steady at +118; 13% through 13.2% is steady at +120; 13.4% through 13.6% was steady at +130; 13.8% was steady at +137 and 14% was steady at +147. Gulf bid for spot 11% protein is steady at +110 with no protein bumps. PNW 11.5% is steady at +155, while Texas Gulf basis for 11% is steady at +180. South Korea tendered for 50,000 metric tons of milling wheat, while Saudi Arabia tendered for 595,000 metric tons of optional origin milling wheat.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Thursday was 16 cents under the MIAX Minneapolis March futures, unchanged from Wednesday's basis. The MIAX Futures Exchange LLC Floor Trading Summary of spot milling spring wheat cash premiums closed as follows, basis the March MIAX spring wheat futures: 12% proteins were not quoted; 13% proteins were not quoted; 13.5% proteins were up 20 to up 15 at +135 to +150; 14% proteins are unchanged at +135N to +190N; 14.5% proteins were down 5 at +190; 15% proteins are down 5 to unchanged at +200A to +250 and 16% proteins were not quoted. Wheat receipts on the exchange floor were 69 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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