DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was 1 cent stronger at 31 cents under the March futures contract, while the DTN National Corn Index was up 4 cents at $4.00. The national average basis for soybeans was 1 cent stronger at 63 cents under the March futures, while the DTN National Soybean Index was up 9 cents at $10.85. The national average basis for hard red winter (HRW) wheat was steady at 66 cents under the March futures contract, while the DTN National Hard Red Winter Wheat Index was down 2 cents at $4.86. The national average basis for hard red spring (HRS) wheat was 1 cent weaker at 14 cents under the MIAX Minneapolis March futures contract, while the DTN National Hard Red Spring Wheat Index was up 3 cents at $5.70.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.00	$0.04	-$0.31	Mar	$0.010
Soybeans:	$10.85	$0.09	-$0.63	Mar	$0.007
SRW Wheat:	$5.09	-$0.01	-$0.56	Mar	$0.009
HRW Wheat:	$4.86	-$0.02	-$0.66	Mar	-$0.001
HRS Wheat:	$5.70	$0.03	-$0.14	Mar	-$0.005

CORN:

The national average corn basis for Wednesday was 31 cents under the March futures, 1 cent stronger than Tuesday's basis. PNW basis for April is steady stronger at +110H and April CIF is at +105K. Feb. track St. Louis is steady at +30H. Processors are mixed with Cedar Rapids, Iowa, steady at -7H; Fort Dodge, Iowa, is 6 cents stronger at -26H; Council Bluffs, Iowa, is 3 cents stronger at -7H; Des Moines, Iowa, is steady at -17H; Decatur, Illinois, is steady at +2H; Mitchell, South Dakota, is steady at -59H; Blair, Nebraska, is steady at -5H; Hastings, Nebraska, is steady at -40H; Lincoln, Nebraska, is steady at -35H; Garden City, Kansas, is steady at -30H; Columbus, Nebraska, is steady at -14H; St. Paul, Minnesota is steady at -45H; and Marshall, Minnesota, is steady at -40H.

SOYBEAN:

The national average soybean basis for Wednesday was 63 cents under the March futures, 1 cent stronger than Tuesday's basis. PNW basis for LH March is steady at +115H. Feb. CIF basis is steady at +109H and Feb. track St. Louis is steady at +26H. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 7 cents stronger at -3H; St. Paul, Minnesota, is steady at -62H and basis on the Illinois River at Havana, Illinois, is 1 cent stronger at +1H. Processors are mixed as some are moving to K now. Council Bluffs, Iowa, is at -50K; Des Moines, Iowa, is steady at -50H; Cedar Rapids, Iowa, is steady at -40H; Sioux City is steady at -55H; Decatur, Illinois, is steady at +10H; Volga, South Dakota, is steady at -75H; Spiritwood, North Dakota, is steady at -65H; NDSP Casselton, North Dakota is at -80K; Hastings, Nebraska, is steady at -76H; Lincoln, Nebraska, is steady at -45H; Aberdeen, South Dakota, is steady at -115K; Mitchell, South Dakota, is steady at -80H; and Mankato, Minnesota, is steady at -45H. BN secondary shuttle freight for returns is bid plus $150 against offers of plus $250, March is bid plus $150 over against offers of plus $200 over and April is bid plus $100 over against offers of plus $200 over. UP secondary freight for returns is bid plus $400 over against no offers, and March is bid plus $300 over against offers of plus $500 over and April is not bid against offers of even money.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Wednesday was 56 cents under the March futures, 1 cent stronger than Tuesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Wednesday was 66 cents under the Kansas City March futures, unchanged from Tuesday's basis. Spot premiums moved to May with ordinary protein was steady at +100; 11% unchanged at +115; 11.2 was up 5 cents at +120; 11.4 through 12% was unchanged at +125; 12% through 13% was up 5 cents at +125; 13.2 through 13.6% was up 10 at +125; 13.8% through 14% was up 2 at +125. 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. Reports surface Wednesday that a U.S. flour mill purchased 2 cargoes of wheat from Argentina. In export tender news, Algeria is reported to be looking for 600,000 metric tons of wheat and it likely won't be U.S.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Wednesday was 14 cents under the MIAX Minneapolis March futures, 1 cent weaker than Tuesday's basis. The MIAX Futures Exchange LLC Floor Trading Summary of spot milling spring wheat cash premiums closed as follows, basis the May MIAX spring wheat futures: 12% proteins are at +75; 13% proteins are at +95; 13.5% proteins are at +115; 14% proteins are at +110 to +140; 14.5% proteins are at +103; 15% proteins are +115 to +215A and 16% proteins were not quoted. Wheat receipts on the exchange floor were 79 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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