DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was unchanged at 8 cents under the May futures contract while the DTN National Corn Index was up 11 cents at $5.72. The national average basis for soybeans was unchanged at 26 cents under the May futures contract while the DTN National Soybean Index was up 7 cents at $13.64. The national average basis for HRW wheat was unchanged at 23 cents under the May futures contract while the DTN National Hard Red Winter Wheat Index was up 6 cents at $5.61. The national average basis for HRS wheat was 1 cent stronger at 28 cents under the May futures contract while the DTN National Hard Red Spring Wheat Index was up 7 cents at $6.21.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$5.72	$0.11	-$0.08	May	$0.001
Soybeans:	$13.64	$0.07	-$0.26	May	$0.000
SRW Wheat:	$6.12	$0.02	-$0.18	May	$0.000
HRW Wheat:	$5.61	$0.06	-$0.23	May	-$0.001
HRS Wheat:	$6.21	$0.07	-$0.28	May	$0.004

CORN:

The national average corn basis for Tuesday is at 8 cents under the May futures, unchanged from Monday's basis. May corn closed up 11 cents, while the new-crop December reached a new contract high. Monday's Crop Progress report showed U.S corn planted at 4% versus the 3% five-year average. Many states in the Corn Belt have started planting and are %5 or less done, with Missouri and Kansas at 8% done, Texas at 57% done, Kentucky at 10% planted and North Carolina at 16% planted. Some Southern states are ahead of average for corn emergence with Texas at 48%, Mississippi at 37% and Georgia at 54%. DTN's forecast is calling for cold weather in much of the central U.S., which could stall planting efforts. In the Delta and Southeast areas, there will be showers on and off through the weekend, which could stall planting efforts there as well. National average corn basis this week is 20 cents stronger than the DTN five-year average and 13 cents stronger than the DTN strongest five-year basis. PNW basis was steady and, once again, much of the demand for now is in the domestic market, especially at ethanol plants searching for old-crop corn.

SOYBEANS:

The national average soybean basis for Tuesday is at 26 cents under the May futures, unchanged from Monday's basis. May soybeans closed up 7 1/2 cents thanks to the sharp rise in soybean oil, up 1.58 cents, along with higher vegetable oils. Palm oil futures rose 2% with the soybean oil strength, and August rapeseed reached a new contract high, due in part to the freeze in central France. In the U.S., soybean supplies continue to tighten and, in turn, pushing the basis higher. Since April 1, the DTN national average basis has strengthened by 6 cents, and for this week, the national average soybean basis is 40 cents stronger than the DTN five-year average and 19 cents stronger than the DTN strongest five-year basis. Track St. Louis basis was 7 cents stronger, and Gulf basis was 5 cents stronger. River levels at St. Louis down to Baton Rouge remain high, but the forecast looks like levels should start to recede in some spots by the weekend, with some areas on the Lower Mississippi not receding until the end of April if rains stay away.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Tuesday is at 18 cents under the May futures, unchanged from Monday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Tuesday is at 23 cents under the Kansas City May futures, unchanged from Monday's basis. The KC May futures closed up 5 3/4 cents, finding support from a weaker dollar and stronger corn market. Parts of the EU are expected to see another round of freezing weather, pushing Paris milling futures higher. Freezing weather expected in key winter wheat growing areas has some traders concerned, but the recent cold wave has slowed crop growth. Export basis is flat for HRW wheat, and mills pushed the 13% through 14% protein premiums down 4 cents on the KC spot market Tuesday.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Tuesday is at 28 cents under the Minneapolis May futures, 1 cent stronger than Monday's basis. The Minneapolis spot spring wheat cash market closed as follows, basis the Minneapolis May futures contract for No. 1 milling quality: 12% proteins were not quoted; 13% proteins were not quoted; 13.5% proteins were at +125*; 14% proteins were up 25 cents to up 15 cents at +145; 14.5% proteins were not quoted; 15% proteins were not quoted. Receipts were 31 cars, which included one train(s).* (Bid=B Ask=A Nominal=N) Wheat on the MGEX floor is traded delivered Chicago/beyond.

Mary Kennedy can be reached at mary.kennedy@dtn.com

Follow her on Twitter @MaryCKenn

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