DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was 1 cent weaker at 9 cents under the July futures contract, while the DTN National Corn Index was up 28 cents at $8.01. The national average basis for soybeans was 1 cent weaker at 35 cents under the July futures contract while the DTN National Soybean Index was up 9 cents at $16.21. The national average basis for hard red winter (HRW) wheat was 1 cent weaker at 54 cents under the July futures contract while the DTN National Hard Red Winter Wheat Index was up 68 cents at $12.98. The national average basis for hard red spring (HRS) wheat was 4 cents weaker at 50 cents under the July futures contract while the DTN National Hard Red Spring Wheat Index was up 56 cents at $13.35.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$8.01	$0.28	-$0.09	Jul	-$0.006
Soybeans:	$16.21	$0.09	-$0.35	Jul	-$0.008
SRW Wheat:	$11.73	$0.55	-$0.75	Jul	-$0.150
HRW Wheat:	$12.98	$0.68	-$0.54	Jul	-$0.016
HRS Wheat:	$13.35	$0.56	-$0.50	Jul	-$0.037

CORN:

The national average corn basis for Monday is 9 cents under the July futures, 1 cent weaker than Friday's basis. Track PNW shuttle basis was unchanged for June at +160N, while CIF NOLA was 8 cents weaker for June and track St. Louis 2 cents weaker. Secondary shuttle freight has been weakening with BNSF returns bid at $200 per car against $400 over, last-half May is bid $100 over against $400 over and first-half June is bid at $50 under against offers at $100 over. UP secondary freight is bid $3,000 over for returns and last-half May against no offers, with June and July bid at $600 over against no offers.

SOYBEANS:

The national average soybean basis for Monday is at 35 cents under the July futures, 1 cent weaker than Friday's basis. Track PNW shuttle basis is still stuck at +145N for June and +155N for August, while CIF NOLA for May is steady at +124N and track St. Louis is +77N. Barge freight nearby is flat as cash movement to the river has slowed in most areas where farmers are busy in the field. The Mississippi River at Vicksburg remains in action stage with passage though Vicksburg at night on a boat-by-boat basis. The Mississippi River at Baton Rouge is in action stage at 31.72 feet with flood stage restrictions in effect until the water level goes below 30 feet.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Monday is at 75 cents under the July futures, 15 cents weaker than Friday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Monday is at 54 cents under the Kansas City July futures, 1 cent weaker than Friday's basis. The KC spot premiums from ordinary protein through 14% are at +225N, but values will likely slip due to the high flat price. The ban on wheat exports by India reported over the weekend sent the futures into a frenzy. The annual HRW crop tour starts today and DTN will be providing evening updates after scouts turn in information they collected along their routes. https://www.dtnpf.com/…

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Monday is at 50 cents under the Minneapolis July futures, 4 cents weaker 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 up 30 cents to unchanged at +160 to +180n, 14.5% proteins were not quoted, 15% proteins were up 35 cents to unchanged at +145 to +210, and 16 proteins were not quoted. Wheat receipts on the exchange floor were 17 cars, which included zero train(s).* MGEX Daily Grain Prices are Delivered Chicago/Beyond: Spot No. 1 Milling Northern/Dark Northern Spring Wheat.

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

Follow her on Twitter @MaryCKenn

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