DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was steady at 44 cents under the December futures contract, while the DTN National Corn Index was down 5 cents at $4.84. The national average basis for soybeans was steady at 52 cents under the November futures, while the DTN National Soybean Index was down 7 cents at $12.57. The national average basis for hard red winter (HRW) wheat was 1 cent weaker at 70 cents under the December futures contract, while the DTN National Hard Red Winter Wheat Index was down 13 cents at $7.37. The national average basis for hard red spring (HRS) wheat was 1 cent weaker at 56 cents under the MIAX Minneapolis December futures contract, and the DTN National Hard Red Spring Wheat Index was down 7 cents at $6.92.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.84	-$0.05	-$0.44	Dec	$0.004
Soybeans:	$12.57	-$0.07	-$0.52	Nov	-$0.002
SRW Wheat:	$6.57	-$0.20	-$0.72	Dec	-$0.016
HRW Wheat:	$7.37	-$0.13	-$0.70	Dec	-$0.006
HRS Wheat:	$6.92	-$0.07	-$0.56	Dec	-$0.006

CORN:

The national average corn basis for Wednesday was 44 cents under the December futures, unchanged from Tuesday's basis. PNW basis is not bid until Dec. at +128Z and CIF is steady at +74Z. Track St. Louis for September is steady at +24Z. Processors for September are mixed with Cedar Rapids, Iowa, 2 cents stronger at -10Z; Fort Dodge, Iowa, is steady at -45Z; Council Bluffs, Iowa, is 1 cent stronger at -35Z; Des Moines, Iowa, is steady at -40Z; Decatur, Illinois, is 6 cents weaker at -14Z; MT. Vernon, Indiana is steady at -22Z; Mitchell, South Dakota, is steady at -65Z; Blair, Nebraska, is steady at -31Z; Hastings, Nebraska, is steady at -33Z; Lincoln, Nebraska, is steady at -45Z; Garden City, Kansas, is steady at option the Z; Columbus, Nebraska, is steady at -30Z; Marion, Ohio, is steady at +8Z; Tharaldson Ethanol Casselton, North Dakota is steady at -55Z; Blue Flint, North Dakota is steady at -60Z; St. Paul, Minnesota, is at -75Z; and Marshall, Minnesota, is steady at -53Z.

SOYBEAN:

The national average soybean basis for Wednesday was 52 cents under the November futures, unchanged from Tuesday's basis. PNW basis for last period (LP) September is 2 cents weaker at +165X; CIF basis for September is 3 cents weaker at +102X and track St. Louis for September is steady at option the X. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 18 cents stronger at +10X; St. Paul, Minnesota, is steady at -58X and basis on the Illinois River at Havana, Illinois, is steady at -23X. Processors for September are mixed with Council Bluffs, Iowa, by Sept. 16 is steady at +40X and balance of Sept. at -15X; Des Moines, Iowa, is steady at +10X; Cedar Rapids, Iowa, is steady +15X for Sept. and is at -40X for Oct.; Sioux City, Iowa is 25 cents weaker at option the X by Sept 19 and by Sept. 30, 20 cents weaker at -40X; Decatur, Illinois, for early September is steady at -10X; Spiritwood, North Dakota, is 5 cents weaker at -20X by FH Sept. and balance Sept. is steady at -30X; NDSP Casselton, North Dakota is a 15 cents weaker at -30X for FH Sept. and LH Sept. is at -30X; Hastings, Nebraska, is 25 cents stronger for Sept. at -25X; Lincoln, Nebraska, is steady at option the X; Grand Island, Nebraska, is steady at -65X; Aberdeen, South Dakota, is steady at -40X FH Sept.; Mitchell, South Dakota, is steady at -25X; Volga, South Dakota, is steady at -35X, Sidney, Ohio, is steady at +25X by Sept.11 and Mankato, Minnesota, is steady at -5X. BN secondary shuttle freight for returns is bid plus $450 over against no offers, LH Sep is bid plus $500 over against offers of plus $800 over and October is bid plus $800 over against offers of plus $1600 over. UP secondary shuttle freight for returns is bid plus $400 over against no offers, LP September (Mexico option) is bid plus $600 over against no offers and FH Oct. is bid plus $300 over against offers of plus $1500 over.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Wednesday was 72 cents under the December futures, 1 cent stronger than Tuesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Wednesday was 70 cents under the Kansas City December futures, 1 cent weaker than Tuesday's basis. Spot premiums are steady to higher with ordinary protein steady at +92; 11% protein up 10 at +102; 11.2% is up 5 at +105; 11.4% protein is up 5 at +110; 11.6% protein through 12% is steady at +110; 12.2% protein through 12.4% is steady at +105; 12.6% is steady at +115; 12.8% protein is steady at +110; 13% through 13.2% proteins are steady at +100;13.4% protein is steady at +105; 13.6% is steady at +107 and 13.8% protein and 14% protein is steady at +108. Gulf track bid for spot 11% protein is down 15 at +85 with no protein bumps. PNW 11.5% is steady at +135, while Texas Gulf basis for 11% protein is steady at +140. South Korea milling group bought 50,000 metric tons of HRW wheat and HRS wheat from the U.S. and no confirmation if the other 50,000 they tendered for was sold by Canada.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Wednesday was 56 cents under the MIAX Minneapolis December 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 December MIAX spring wheat futures: 12% proteins are not quoted; 13% proteins are not quoted; 13.5% proteins are not quoted; 14% proteins are down 10 to up 10 at +130 to +160; 14.5% proteins are down 10 at +115; 15% proteins are down 20 to unchanged at +150 to +180, and 16% proteins are not quoted. Wheat receipts on the exchange floor were 52 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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