The national average basis for corn saw a slight improvement on Tuesday, strengthening by 1 cent to stand at 36 cents under the December futures contract. Meanwhile, the DTN National Corn Index dropped by 4 cents, settling at $4.07. In the soybean market, the national average basis also improved by 1 cent, reaching 64 cents under the January futures, while the DTN National Soybean Index fell by 2 cents to $11.50.
For hard red winter (HRW) wheat, the national average basis remained steady at 63 cents under the December futures contract, but the DTN National Hard Red Winter Wheat Index declined by 10 cents to $5.74. Hard red spring (HRS) wheat also saw a steady basis at 35 cents under the MIAX Minneapolis December futures, with the DTN National Hard Red Spring Wheat Index down 6 cents at $5.85.
In regional updates, the Pacific Northwest (PNW) basis for corn and soybeans remained steady, with some variations in processor prices across different locations. For soybeans, the basis showed mixed movements, with some areas like Council Bluffs, Iowa, and Des Moines, Iowa, seeing slight improvements. The basis for soft red winter wheat remained unchanged from Monday's levels.
Hard red winter wheat spot premiums were steady to higher, with varying premiums based on protein levels. The Gulf track bid for spot 11% protein wheat remained steady at +110 with no protein bumps. For hard red spring wheat, the national average basis was unchanged, with spot milling spring wheat cash premiums showing some variations based on protein levels.