DAILY BASIS AND CASH INDEX SUMMARY:
The national average basis for corn was 2 cents weaker at 15 cents under the July futures contract, while the DTN National Corn Index was down 11 cents at $7.89. The national average basis for soybeans was 3 cents stronger at 37 cents under the July futures contract while the DTN National Soybean Index was down 37 at $16.09. The national average basis for hard red winter (HRW) wheat was 5 cents stronger at 51 cents under the July futures contract and the DTN National Hard Red Winter Wheat Index was down 2 cents at $10.47. The national average basis for hard red spring (HRS) wheat was 3 cents stronger at 38 cents under the July futures contract while the DTN National Hard Red Spring Wheat Index was up 5 cents at $11.29.
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The national average corn basis for Monday is 15 cents under the July futures, 2 cents weaker than Friday's basis. Track PNW shuttle basis was 10 cents stronger for May at +170N, while CIF NOLA basis was 5 cents stronger at +90K for May and track St. Louis was steady at +41N. Secondary shuttle freight has backed off with BN returns at $900 per car over tariff and first-half May at $700 over with no offers for either slot. Last-half May is bid $400 over against offers of $1,000, UP secondary freight for returns and first-half May is bid $2,500 against no offers and last-half May is bid $1,500 against offers of $2,500.
The national average soybean basis for Monday is at 37 cents under the July futures, 3 cents stronger than Friday's basis. Track PNW shuttle basis for June is steady at +145N, while CIF NOLA is 2 cents stronger for June at +122N. Processor basis is stronger as crush margins remain strong. Southern Minnesota was 10 cents stronger to 15 cents stronger, east-central South Dakota was 10 cents stronger, and south-central Kansas was 5 cents stronger. "In general, all rivers are in good shape running at moderate to moderately high levels. Due rains in the Ohio River Valley, the Lower Miss is at moderately high levels from Cairo to New Orleans. Some safety protocols are in place," noted Thomas Russell, Russell Marine.
SOFT RED WINTER WHEAT:
The national average SRW wheat basis for Monday is at 61 cents under the July futures, 3 cents weaker than Friday's basis.
HARD RED WINTER WHEAT:
The national average HRW wheat basis for Monday is at 51 cents under the Kansas City July futures, 5 cents stronger than Friday's basis. Protein premiums on the KC spot market are firm, with ordinary through 14% protein all valued the same at +285N. Texas Gulf 11% protein remains weak at +165N and track PNW at +195N for 11.5% protein as exports are nothing to brag about.
HARD RED SPRING WHEAT:
The national average HRS wheat basis for Monday is at 38 cents under the Minneapolis July futures, 3 cents stronger than Friday's basis. The Minneapolis spot spring wheat cash premiums closed as follows, based on Minneapolis July futures: 12% proteins were not quoted, 13% proteins were not quoted, 13.5% proteins were not quoted, 14% proteins were unchanged to down 15 cents at +180 to +185, 14.5% proteins were up 10 cents at +160, 15% proteins were unchanged at +180N to +230, and 16 proteins were not quoted. Wheat receipts on the exchange floor were 40 cars, which included one train(s).* MGEX Daily Grain Prices are Delivered Chicago/Beyond: Spot No. 1 Milling Northern/Dark Northern Spring Wheat.
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