DTN Daily Basis Comments

DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was 1 cent stronger at 41 cents under the December futures contract, while the DTN National Corn Index was up 11 cents at $3.79. The national average basis for soybeans was 1 cent weaker at 72 cents under the November futures contract, while the DTN National Soybean Index was up 6 at $9.83. The national average basis for hard red winter (HRW) wheat was 3 cents stronger at 70 cents under the December futures contract, while the DTN National Hard Red Winter Wheat Index was up 7 cents at $4.50. The national average basis for hard red spring (HRS) wheat was 1 cent stronger at 50 cents under the MIAX Minneapolis December futures contract, and the DTN National Hard Red Spring Wheat Index was up 4 cents at $5.30.

CORN:            

The national average corn basis for Friday was 41 cents under the December futures, 1 cent stronger than Thursday’s basis. PNW basis is steady for  September at +110Z and Hereford, Texas, is for October is steady at +100Z. CIF basis is steady at +78U and track St. Louis is steady at +17U. Processors are mixed with most moving to Z. Cedar Rapids, Iowa, is at option the U; Fort Dodge, Iowa, is at -40Z; Council Bluffs, Iowa, is at -25Z; Decatur, Illinois, is 1 cent weaker at -15Z; Mitchell, South Dakota, is steady at -33U; Blair, Nebraska, is steady at -25Z; Hastings, Nebraska, is at 37Z; Lincoln, Nebraska, is 5 cents weaker at -15U; Garden City, Kansas, is 15 cents weaker at -20Z; Columbus, Nebraska, is steady at +12U; and Marshall, Minnesota, is steady at -7U.      

SOYBEAN:

The national average soybean basis for Friday was 72 cents under the November futures, 1 cent weaker than Thursday’s basis. PNW basis for October is steady at +58X. LH August CIF basis is steady at +50X and track St. Louis is steady at -27X. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 10 cents stronger at -25X; St. Paul, Minnesota, is steady at -80X and basis on the Illinois River at Havana, Illinois, is 5 cents weaker at -45X. The Mississippi River at Memphis is at -0.27 feet above zero gauge and is expected to go below that next week. Drafts on the Loer Mississippi will be lowered on Sep. 2. Processors are mixed with Council Bluffs, Iowa, 15 cents weaker at -40X; Cedar Rapids, Iowa, is 5 cents weaker at -50X; Sioux City is steady at -25X; Decatur, Illinois, is steady at -15; Volga, South Dakota, is steady at -55X; Spiritwood, North Dakota, is steady at -85X; Hastings, Nebraska, is steady at -70X; Lincoln, Nebraska, is steady at -40X; Aberdeen, South Dakota, is steady at -85X; Mitchell, South Dakota, is 15 cents weaker at -110X; and Mankato, Minnesota, is 5 cents stronger at -60X.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Friday was 72 cents under the December futures, 2 cents stronger than Thursday’s basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Friday was at 70 cents under the Kansas City December futures, 3 cents stronger than Thursday’s basis. Spot premiums moved to Z with ordinary protein steady at +70; 11% through 11.8% is steady at +70; 12 through 12.6% is up 5 at +75; 12.8% is unchanged at +66; 13% through 13.6% is steady at +76;13.8% is steady at +106 and 14% is at +120. Gulf bid for spot 11% protein was steady at +85Z with no protein bumps. September PNW 11.5% is steady at +140Z, while Texas Gulf basis for 11% is steady at +140Z.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Friday was at 50 cents under the MIAX Minneapolis December futures, 1 cent stronger than Thursday’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 was not quoted; 13% proteins are not quoted; 13.5 proteins were unchanged at +70N; 14 proteins were unchanged to down 5 at +85* to +125; 14.5% proteins were unchanged at +120; 15% proteins were up 5 to down 20 at +205 to +255 and 16% proteins were not quoted. 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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