DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was unchanged at 34 cents under the March futures contract, while the DTN National Corn Index was up 4 cents at $3.97. The national average basis for soybeans was 1 cent stronger at 65 cents under the March futures, while the DTN National Soybean Index was up 8 cents at $10.10. The national average basis for hard red winter (HRW) wheat was 1 cent stronger at 68 cents under the March futures contract, while the DTN National Hard Red Winter Wheat Index was up 10 cents at $4.74. The national average basis for hard red spring (HRS) wheat was 1 cent stronger at 15 cents under the MIAX Minneapolis March futures contract, while the DTN National Hard Red Spring Wheat Index was up 3 cents at $5.59.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$3.97	$0.04	-$0.34	Mar	$0.007
Soybeans:	$10.10	$0.08	-$0.65	Mar	$0.007
SRW Wheat:	$4.80	$0.13	-$0.56	Mar	$0.000
HRW Wheat:	$4.74	$0.10	-$0.68	Mar	$0.004
HRS Wheat:	$5.59	$0.03	-$0.15	Mar	$0.007

CORN:

The national average corn basis for Wednesday was 34 cents under the March futures, unchanged from Tuesday's basis. PNW basis for Feb. is 10 cents weaker at +120H, while Hereford, Texas, is not bid. Jan. CIF basis is 11 cents stronger at +110H and track St. Louis is 2 cents stronger at +25H. Processors are mixed with Cedar Rapids, Iowa, steady at -12H; Fort Dodge, Iowa, is steady at -30H; Council Bluffs, Iowa, is steady at -8H; Des Moines, Iowa, is steady at -17H; Decatur, Illinois, is steady at +3H; Mitchell, South Dakota, is steady at -61H; Blair, Nebraska, is 3 cents weaker at -10H; Hastings, Nebraska, is steady at -43H; 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 -35H.

SOYBEAN:

The national average soybean basis for Wednesday was 65 cents under the March futures, 1 cent stronger than Tuesday's basis. PNW basis for LH Feb. is 5 cents weaker at +110H. Jan. CIF basis is steady at +115H and Jan. track St. Louis is steady at +30H. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is steady at +7H; St. Paul, Minnesota, is steady at -75H and basis on the Illinois River at Havana, Illinois, is 5 cents stronger at +5H. Ice is worse on the Illinois River and Ohio River and parts of the Upper Mississippi, meaning barge traffic is either stalled or stopped, along with reports of boats stuck in ice. Processors are mixed with Council Bluffs, Iowa, steady at -40H; Des Moines, Iowa, is steady at -30H; Cedar Rapids, Iowa, is steady at -30H; Sioux City is steady at -35H; Decatur, Illinois, is steady at +12H; Volga, South Dakota, is steady at -80H; Spiritwood, North Dakota, is steady at -60H; NDSP Casselton, North Dakota is 10 cents weaker at -70H; Hastings, Nebraska, is steady at -91H; Lincoln, Nebraska, is steady at -35H; Aberdeen, South Dakota, is steady at -90H; Mitchell, South Dakota, is steady at -80H; and Mankato, Minnesota, steady at -30H. BN secondary shuttle freight for returns is bid plus $300 over against no offers, and Feb. is bid plus $300 over against offers of plus $1000 over. UP secondary freight for returns is bid plus $300 over against no offers and February is bid plus $300 over against offers of plus $600 over.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Wednesday was 56 cents under the March 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 March futures, 1 cent stronger than Tuesday's basis. Spot premiums were mixed with ordinary protein steady at +112; 11% through 11.2% was steady at +119; 11.4% was steady at +120; 11.6% was steady at +125; 11.8% was up 2 at +127; 12% was up 7 at +127; 12.2% was up 2 at +127;12.4% was steady at +125; 12.6% was steady at +120; 12.8% is down 2 at +118; 13% is steady at +120; 13.2% was steady at +130; 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 +185.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Wednesday was 15 cents under the MIAX Minneapolis March 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 March MIAX spring wheat futures: 12% proteins were not quoted; 13% proteins were not quoted; 13.5% proteins were at +125B to +140A; 14% proteins are up 35 to up 10 at +175 to +200; 14.5% proteins were not quoted; 15% proteins are up 10 to unchanged at +170 to +250 and 16% proteins were not quoted. Wheat receipts on the exchange floor were 44 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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