DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was steady at 32 cents under the March futures contract, while the DTN National Corn Index was up 5 cents at $4.03. The national average basis for soybeans was steady at 64 cents under the March futures, while the DTN National Soybean Index was up 19 cents at $10.48. The national average basis for hard red winter (HRW) wheat was 1 cent stronger at 67 cents under the March futures contract, while the DTN National Hard Red Winter Wheat Index was up 9 cents at $4.71. 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 6 cents at $5.56.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.03	$0.05	-$0.32	Mar	$0.000
Soybeans:	$10.48	$0.19	-$0.64	Mar	-$0.007
SRW Wheat:	$4.80	$0.11	-$0.55	Mar	$0.027
HRW Wheat:	$4.71	$0.09	-$0.67	Mar	$0.005
HRS Wheat:	$5.56	$0.06	-$0.15	Mar	$0.007

CORN:

The national average corn basis for Thursday was 32 cents under the March futures, unchanged from Wednesday's basis. PNW basis for March is steady at +108H, while Hereford, Texas, is not bid. FH Feb. CIF basis is 11 cents weaker at +107H and Feb. track St. Louis is 3 cents weaker at +32H. Processors are mixed with Cedar Rapids, Iowa, 5 cents weaker at -17H; Fort Dodge, Iowa, is steady at -30H; Council Bluffs, Iowa, is steady at -8H; Des Moines, Iowa, is steady at -19H; Decatur, Illinois, is steady at +3H; Mitchell, South Dakota, is steady at -57H; Blair, Nebraska, is 2 cents weaker at -12H; Hastings, Nebraska, is 3 cents stronger at -40H; Lincoln, Nebraska, is 7 cents stronger at -35H; Garden City, Kansas, is steady at -30H; Columbus, Nebraska, is steady at -15H; St. Paul, Minnesota is steady at -45H; and Marshall, Minnesota, is steady at -35H.

SOYBEAN:

The national average soybean basis for Thursday was 64 cents under the March futures, unchanged from Wednesday's basis. PNW basis for LH Feb. is steady at +110H. Feb. CIF basis is steady at +113H and Feb. track St. Louis is steady at +35H. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 5 cents weaker at option the H; St. Paul, Minnesota, is -62H and basis on the Illinois River at Havana, Illinois, is 1 cent weaker at +5H. Reports on the Illinois River note that while no new ice is forming, there is no change in existing ice conditions. Processors are mixed with Council Bluffs, Iowa, is steady at -50H; Des Moines, Iowa, is steady at -30H; Cedar Rapids, Iowa, is 10 cents weaker at -40H; Sioux City is 10 cents weaker at -45H; Decatur, Illinois, is 5 cents weaker at +7H; Volga, South Dakota, is 5 cents weaker at -75H; Spiritwood, North Dakota, is 10 cents weaker at -80H; NDSP Casselton, North Dakota is 5 cents weaker at -80H; Hastings, Nebraska, is 5 cents stronger at -86H; Lincoln, Nebraska, is 5 cents weaker at -45H; Aberdeen, South Dakota, is 5 cents weaker at -90H; Mitchell, South Dakota, is 5 cents weaker at -75H; and Mankato, Minnesota, 5 cents weaker at -35H. BN secondary shuttle freight for returns is not bid or offered, Feb. is bid plus $250 over against offers of plus $500 over and March is bid plus $250 over against offers of plus $400 over. UP secondary freight for returns is bid plus $200 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, 3 cents stronger than Wednesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Thursday was 67 cents under the Kansas City March futures, 1 cent stronger than Wednesday's basis. Spot premiums were steady to mixed with ordinary protein steady at +112; 11% through 11.2% was steady at +115; 11.4% was steady at +125; 11.6% was steady at +115; 11.8% was steady at +115; 12% through 12.4% was up 23 at +138; 12.6 was down 5 at +115; 12.8% is steady at +120; 13% was unchanged at +125; 13.2% was steady at +130; 13.4% through 13.6% was steady at +130; 13.8% was steady at +137 and 14% was up 3 at +150. 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.CCC is tendering for a HRW wheat cargo to Nigeria.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Thursday was 15 cents under the MIAX Minneapolis March 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 March MIAX spring wheat futures: 12% proteins were not quoted; 13% proteins were not quoted; 13.5% proteins were unchanged at +155N; 14% proteins are down 15 to down 5 at +125* to +180; 14.5% proteins were not quoted; 15% proteins are up 10 to unchanged at +190 to +250 and 16% proteins were unchanged at +200N. Wheat receipts on the exchange floor were 55 cars, which includes one 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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