DTN Daily Basis Comments

SRW Wheat Basis Sharply Lower

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

The national average basis for corn was 3 cents stronger at 18 cents under the May futures contract, while the DTN National Corn Index was up 2 cents at $7.07. The national average basis for soybeans was 1 cent weaker at 48 cents under the May futures contract while the DTN National Soybean Index was down 28 cents at $16.15. The national average basis for hard red winter (HRW) wheat was 7 cents stronger at 25 cents under the May futures contract while the DTN National Hard Red Winter Wheat Index was up 79 cents at $10.50. The national average basis for hard red spring (HRS) wheat was 9 cents stronger at 28 cents under the May futures contract and the DTN National Hard Red Spring Wheat Index was up 13 cents at $10.30. *The DTN national average basis for soft red winter wheat was 35 cents weaker after buyers dropped basis levels when the May locked limit up, and according to various farmers, some buyers pulled their cash SRW wheat bids altogether.

DTN Cash Change From National Contract Change from
Commodity Index Prev Day Avg. Basis Month Prev Day
Corn: $7.07 $0.02 -$0.18 May $0.028
Soybeans: $16.15 -$0.28 -$0.48 May -$0.008
SRW Wheat: $9.89 $0.41 -$0.70 May -$0.345
HRW Wheat: $10.50 $0.79 -$0.25 May $0.065
HRS Wheat: $10.30 $0.13 -$0.28 May $0.089

CORN:

The national average corn basis for Wednesday is 18 cents under the May futures, 3 cents stronger than Tuesday's basis.

SOYBEANS:

The national average soybean basis for Wednesday is at 48 cents under the May futures, 1 cent weaker than Tuesday's basis.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Wednesday is at 70 cents under the May futures, 35 cents weaker than Tuesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Wednesday is at 25 cents under the Kansas City May futures, 7 cents stronger than Tuesday's basis.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Wednesday is at 28 cents under the Minneapolis May futures, 9 cents stronger than Tuesday'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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