DTN Daily Basis Comments

DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was steady at 41 cents under the December futures contract, while the DTN National Corn Index was up 2 cents at $3.82. The national average basis for soybeans was 4 cents weaker at 76 cents under the November futures contract, while the DTN National Soybean Index was down 17 cents at $9.65. The national average basis for hard red winter (HRW) wheat was 9 cents weaker at 79 cents under the December futures contract, while the DTN National Hard Red Winter Wheat Index was down 17 cents at $4.33. The national average basis for hard red spring (HRS) wheat was 4 cents weaker at 54 cents under the MIAX Minneapolis December futures contract, and the DTN National Hard Red Spring Wheat Index was down 10 cents at $5.21.

CORN:            

The national average corn basis for Tuesday was 41 cents under the December futures, unchanged from Friday’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 +68Z and track St. Louis is steady at -21Z. Processors are mixed with Cedar Rapids, Iowa, 5 cents weaker at-27Z; Fort Dodge, Iowa, is at -40Z; Council Bluffs, Iowa, is at -25Z; Decatur, Illinois, is steady at -15Z; Mitchell, South Dakota, is at -58Z; Blair, Nebraska, is steady at -24Z; Hastings, Nebraska, is at 37Z; Lincoln, Nebraska, is at -38Z; Garden City, Kansas, is steady at -20Z; Columbus, Nebraska, is steady at -5Z; and Marshall, Minnesota, is steady at -30Z.      

SOYBEAN:

The national average soybean basis for Tuesday was 76 cents under the November futures, 4 cents weaker than Friday’s basis. PNW basis for October is 2 cents stronger at +60X. CIF basis is steady at +52X and track St. Louis is steady at -27X. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 11 cents weaker at -36X; St. Paul, Minnesota, is 10 cents weaker at -90X and basis on the Illinois River at Havana, Illinois, is steady at -45X. The Mississippi River at Memphis is at -0.71 feet below zero gauge and drafts have been cut on the Lower Mississippi. Processors are mixed with Council Bluffs, Iowa, steady at -40X; Cedar Rapids, Iowa, is steady 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 steady at -110X; and Mankato, Minnesota, is 5 cents weaker at -65X.  

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Tuesday was 72 cents under the December futures, unchanged from Friday’s basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Tuesday was at 79 cents under the Kansas City December futures, 9 cents weaker than Friday’s basis. Spot premiums were mostly higher with ordinary protein through 11.8% up 7 at +75; 12 through 12.6% is up 7 at +82; 12.8% is up 19 at +85; 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 down 5 at +135Z.  

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Tuesday was at 54 cents under the MIAX Minneapolis December futures, 4 cents weaker than Friday’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 25 at +85N to +100; 14.5% proteins were unchanged at +120N; 15% proteins were down 20 at +185 to +235 and 16% proteins were not quoted. Wheat receipts on the exchange floor were 34 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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