DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was steady at 39 cents under the May futures contract, while the DTN National Corn Index was down 3 cents at $4.04. The national average basis for soybeans was steady at 73 cents under the May futures, while the DTN National Soybean Index was down 1 at $10.97. The national average basis for hard red winter (HRW) wheat was 4 cents stronger at 68 cents under the May futures contract, while the DTN National Hard Red Winter Wheat Index was down 2 cents at $5.04. The national average basis for hard red spring (HRS) wheat was 1 cent stronger at 30 cents under the MIAX Minneapolis May futures contract, while the DTN National Hard Red Spring Wheat Index was down 3 cents at $5.79.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.04	-$0.03	-$0.39	May	$0.000
Soybeans:	$10.97	-$0.01	-$0.73	May	$0.004
SRW Wheat:	$5.16	-$0.03	-$0.52	May	$0.027
HRW Wheat:	$5.04	-$0.02	-$0.68	May	$0.033
HRS Wheat:	$5.79	-$0.03	-$0.30	May	$0.006

CORN:

The national average corn basis for Wednesday was 39 cents under the May futures, unchanged from Tuesday's basis. PNW basis for FH March is steady at +105K and CIF is steady at +82K. Martch track St. Louis is steady at +28H. Processors are mixed with Cedar Rapids, Iowa, steady at -18K; Fort Dodge, Iowa, is steady at +35K; Council Bluffs, Iowa, is steady at -17K; Des Moines, Iowa, is steady at -27K; Decatur, Illinois, is steady at -3K; Mitchell, South Dakota, is at -63K; Blair, Nebraska, is steady at -19K; Hastings, Nebraska, is steady at -44K; Lincoln, Nebraska, is steady at -42K; Garden City, Kansas, is steady at -40K; Columbus, Nebraska, is steady at -23K; St. Paul, Minnesota is -50K; and Marshall, Minnesota, is steady at -44K.

SOYBEAN:

The national average soybean basis for Wednesday was 73 cents under the May futures, unchanged from Tuesday's basis. PNW basis for LH March is steady at +100H. Feb. CIF basis is at +91K and Feb. track St. Louis is at +18K. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 1 cent weaker at -11K; St. Paul, Minnesota, is at -90K and basis on the Illinois River at Havana, Illinois, is at +12K. USACE measured the ice at Lake Pepin for the second week and ice is still too thick for barges to pass. Barges can't get to St. Paul until the ice melts some more on the Lake. Processors are steady with most over the K now. Council Bluffs, Iowa, is steady at -50K; Des Moines, Iowa, is steady at -50K; Cedar Rapids, Iowa, is steady at -45K; Sioux City is steady at -45K; Decatur, Illinois, is at +3K; Volga, South Dakota, is steady at -77K; Spiritwood, North Dakota, is steady at -75H; NDSP Casselton, North Dakota is steady at -80K; Hastings, Nebraska, is steady at -88K; Lincoln, Nebraska, is steady at -55K; Aberdeen, South Dakota, is steady at -95K; Mitchell, South Dakota, is at -72K; and Mankato, Minnesota, is at -40K. BN secondary shuttle freight for returns is not bid or offered, FH March is bid plus $250 over against no offers and LH March is bid plus $200 over against offers of plus $500 over. UP secondary freight for returns is not bid or offered, FH March is bid plus $300 over against no offers, and LH March is not bid plus $200 over against no offers.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Wednesday was 52 cents under the May futures, 3 cents stronger than Tuesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Wednesday was 68 cents under the Kansas City May futures, 4 cents stronger than Tuesday's basis. Spot premiums were steady with ordinary protein steady at +100; 11% through 11.2 was steady at +130; 11.4 through 11.8% was steady at +140; 12% though 12.2% was steady at +130; 12.4 though 12.6% was up 2 cents at +127; 12.8 was down 3 cents at +127;13% through 14% was steady at +130. 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 5 cents weaker at +160.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Wednesday was 30 cents under the MIAX Minneapolis May 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 May MIAX spring wheat futures: 12% proteins are unchanged at +50N; 13% proteins are unchanged at 85N; 13.5% proteins are unchanged at +110N; 14% proteins are unchanged at +110 to +120N; 14.5% proteins are up 15 at +145; 15% proteins are up 85 to up 40 at +220 to +240 and 16% proteins were not quoted. Wheat receipts on the exchange floor were 5 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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