DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was steady at 33 cents under the March futures contract, while the DTN National Corn Index was down 5 cents at $3.94. The national average basis for soybeans was steady at 65 cents under the March futures, while the DTN National Soybean Index was up 1 cent at $10.69. The national average basis for hard red winter (HRW) wheat was steady at 67 cents under the March futures contract, while the DTN National Hard Red Winter Wheat Index was down 4 cents at $4.72. 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 down 3 cents at $5.53.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$3.94	-$0.05	-$0.33	Mar	$0.004
Soybeans:	$10.69	$0.01	-$0.65	Mar	$0.000
SRW Wheat:	$4.80	-$0.12	-$0.58	Mar	-$0.007
HRW Wheat:	$4.72	-$0.04	-$0.67	Mar	$0.000
HRS Wheat:	$5.53	-$0.03	-$0.15	Mar	$0.009

CORN:

The national average corn basis for Tuesday was 33 cents under the March futures, unchanged from Friday's basis. PNW basis for April is steady at +103H, while Hereford, Texas, is not bid. FH Feb. CIF basis is steady at +101H and Feb. track St. Louis is steady at +26H. Processors are steady with Cedar Rapids, Iowa, steady at -14H; Fort Dodge, Iowa, is steady at -30H; Council Bluffs, Iowa, is steady at -10H; Des Moines, Iowa, is steady at -19H; Decatur, Illinois, is steady at +5H; Mitchell, South Dakota, is steady at -59H; Blair, Nebraska, is steady at -12H; Hastings, Nebraska, is steady at -40H; Lincoln, Nebraska, is steady 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 -36H.

SOYBEAN:

The national average soybean basis for Tuesday was 65 cents under the March futures, unchanged from Friday's basis. PNW basis for FH March is steady at +110H. Feb. CIF basis is steady at +110H and Feb. track St. Louis is steady at +25H. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is steady at -5H; St. Paul, Minnesota, is steady at -62H and basis on the Illinois River at Havana, Illinois, is 6 cents weaker at option the H. Illinois River LaGrange Lock and Marseille Lock are still seeing delays up to 3 days passing tows because poor conditions remain. Processors are steady with Council Bluffs, Iowa, steady at -50H; Des Moines, Iowa, is steady at -50H; Cedar Rapids, Iowa, is steady at -45H; Sioux City is steady at -60H; Decatur, Illinois, is steady at +10H; Volga, South Dakota, is steady at -80H; Spiritwood, North Dakota, is steady at -80H; NDSP Casselton, North Dakota is steady at -80H; Hastings, Nebraska, is steady at -81H; Lincoln, Nebraska, is steady at -45H; Aberdeen, South Dakota, is steady at -100H; Mitchell, South Dakota, is steady at -80H; and Mankato, Minnesota, is steady at -40H. BN secondary shuttle freight for returns is bid plus $150 against no offers, Feb. is bid plus $150 over against offers of plus $400 over and March is bid plus $100 over against offers of plus $300 over. UP secondary freight for returns is bid plus $200 over against no offers and February is bid plus $200 over against no offers and March is bid plus $100 over against offers of plus $250 over.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Tuesday was 58 cents under the March futures, 1 cent weaker than Friday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Tuesday was 67 cents under the Kansas City March futures, unchanged from Friday's basis. Spot premiums were steady to higher, with mills looking for low proteins Wednesday. Ordinary protein was steady at +112; 11% through 11.2 was steady at +125; 11.4 through 11.8% was steady at +127; 12% through 12.2 was steady at +128; 12.4% was unchanged at +125;12.6% was steady at +125; 12.8% through 13.6% was steady at +120; 13.8% was steady at +137 and 14% was steady at +150. Gulf bid for spot 11% protein is steady at +115 with no protein bumps. PNW 11.5% is steady at +155, while Texas Gulf basis for 11% is steady at +165.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Tuesday was 15 cents under the MIAX Minneapolis March futures, 1 cent stronger than Friday'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 unchanged at +125N; 13.5% proteins were unchanged at +125N; 14% proteins are up 5 to unchanged at +130* to +170; 14.5% proteins were unchanged at +135N; 15% proteins are up 40 to up 20 at +200 to +250 and 16% proteins were not quoted. Wheat receipts on the exchange floor were 64 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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