DTN Daily Basis Comments

DTN National Ave Basis Victim of Surge in Futures

Mary Kennedy
By  Mary Kennedy , DTN Basis Analyst
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DAILY BASIS AND CASH INDEX SUMMARY:

Corn, soft red winter and hard red winter wheat futures closed limit up in the May Tuesday, while Minneapolis spring wheat closed 1/4 cent shy of its 60 cent limit in the May and soybeans closed up 53 cents in the May. The sharp gains in the futures Tuesday once again had basis levels posting wild closes, especially in the HRW and HRS wheats and corn.

DTN Cash Change From National Contract Change from
Commodity Index Prev Day Avg. Basis Month Prev Day
Corn: $7.05 $0.28 -$0.21 May -$0.069
Soybeans: $16.43 $0.56 -$0.47 May $0.024
SRW Wheat: $9.49 $0.56 -$0.35 May $0.061
HRW Wheat: $9.71 $0.35 -$0.32 May -$0.148
HRS Wheat: $10.16 $0.47 -$0.37 May -$0.123

CORN:

The national average corn basis for Tuesday is 21 cents under the May futures, 7 cents weaker than Monday's basis.

SOYBEANS:

The national average soybean basis for Tuesday is at 47 cents under the May futures, 3 cents stronger than Monday's basis.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Tuesday is at 35 cents under the May futures, 6 cents stronger than Monday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Tuesday is at 32 cents under the Kansas City May futures, 15 cents weaker than Monday's basis.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Tuesday is at 37 cents under the Minneapolis May futures, 12 cents weaker than Monday's basis.

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

Follow her on Twitter @MaryCKenn

Mary Kennedy

Mary Kennedy
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