DAILY BASIS AND CASH INDEX SUMMARY:
The national average basis for corn was unchanged at 9 cents under the July futures contract, while the DTN National Corn Index was down 9 cents at $7.92. The national average basis for soybeans was 1 cent stronger at 34 cents under the July futures contract while the DTN National Soybean Index was up 22 cents at $16.44. The national average basis for hard red winter (HRW) wheat was 1 cent stronger at 53 cents under the July futures contract while the DTN National Hard Red Winter Wheat Index was up 17 cents at $13.15. The national average basis for hard red spring (HRS) wheat was 4 cents stronger at 46 cents under the July futures contract while the DTN National Hard Red Spring Wheat Index was up 12 cents at $13.47.
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The national average corn basis for Tuesday is 9 cents under the July futures, unchanged from Monday's basis. Track PNW shuttle basis for May is steady at +165N, while June is 3 cents stronger at +169N and May CIF NOLA is 3 cents weaker at +86N. BNSF secondary shuttle freight for returns is bid $250 per car over tariff against offers of $400 over, while last half May is bid $150 over against offers of $300 and June is bid $200 under against offers of tariff. UP secondary freight is bid $3,500 over for last half May and $1,500 over for June, with no offers for either time slot. Feeders and ethanol plants continue to seek out old crop corn for nearby needs.
The national average soybean basis for Tuesday is at 34 cents under the July futures, 1 cent stronger than Monday's basis. Track PNW shuttle basis perked up some in the new crop slot with last half September 5 cents stronger at +240X and October 3 cents stronger at +233X, while CIF NOLA basis was unchanged for June at +124N and track St. Louis is steady at +77N for May. Spot barge freight is cheaper with little trading right now as movement has slowed. The Coast Guard is establishing a temporary safety zone for all navigable waters of the Upper Mississippi River extending from mile marker MM49 to MM50 on the Upper Mississippi River near Cape Girardeau, Missouri due to a partially sunken cement barge in the navigational channel.
SOFT RED WINTER WHEAT:
The national average SRW wheat basis for Tuesday is at 77 cents under the July futures, 2 cents weaker than Monday's basis.
HARD RED WINTER WHEAT:
The national average HRW wheat basis for Tuesday is at 53 cents under the Kansas City July futures, 1 cent stronger than Monday's basis. The KC milling premiums on the spot market were all down 35 cents with ordinary protein through 14% at +195N. A 26-car train of milling 13% protein traded at +175N Monday on the Minneapolis spot market. The market will keep watch on results from the 2022 Wheat Quality Council tour with expectations that western Kansas will show drought stress in the crop. Markets will bounce around as weather will be key for some areas of the new crop, while it may be too late for others.
HARD RED SPRING WHEAT:
The national average HRS wheat basis for Tuesday is at 46 cents under the Minneapolis July futures, 4 cents stronger than Monday'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 at +160N to +180n, 14.5% proteins were not quoted, 15% proteins were unchanged at +145N to +210, 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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