DAILY BASIS AND CASH INDEX SUMMARY:
The national average basis for corn was unchanged at 7 cents under the July futures contract, while the DTN National Corn Index was down 4 cents at $7.72. The national average basis for soybeans was unchanged at 33 cents under the July futures contract while the DTN National Soybean Index was up 15 cents at $16.72. 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 down 43 cents at $11.99. The national average basis for hard red spring (HRS) wheat was unchanged at 50 cents under the July futures contract while the DTN National Hard Red Spring Wheat Index was down 50 cents at $12.29.
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The national average corn basis for Friday is 7 cents under the July futures, unchanged from Thursday's basis. Track PNW shuttle basis was 5 cents stronger for May at +170N, while track St. Louis is steady at +49N and CIF NOLA is unchanged at +86N. Secondary shuttle freight has turned higher with BNSF bid at $400 per car over tariff for May against no offers, while June is bid at $200 over against offers of $400. UP secondary freight is bid at $3,500 over for May and $1,500 for June against no offers for both timeslots. Talk that some ethanol plants are needing spot corn to grind and given farmers are busy in the field right now, the higher basis they post isn't drawing much interest.
The national average soybean basis for Friday is at 33 cents under the July futures, unchanged from Thursday's basis. Track PNW shuttle basis is still flat at +145N for June, while CIF NOLA basis was 3 cents stronger for May and first-half June at +133N, while track St. Louis is 5 cents stronger for May +87N and June at +85N. Barge freight is very quiet right now and while there is still high water in much of the Mississippi River, there isn't much movement right now. There was a tow pushing two barges into Lock and Dam 4 at Alma, Wisconsin, over the weekend when the current grabbed the tow and spun it around, causing the tow and barges to hit the Lock. The USACE is assessing any damage to the Lock.
SOFT RED WINTER WHEAT:
The national average SRW wheat basis for Friday is at 60 cents under the July futures, 13 cents stronger than Thursday's basis.
HARD RED WINTER WHEAT:
The national average HRW wheat basis for Friday is at 54 cents under the Kansas City July futures, 1 cent weaker than Thursday's basis. KC spot protein premiums still firm while mills continue to want mid 11% through 12% proteins. Market watching the extreme heat and dry weather in France as officials there note that the wheat crop is beginning to show damage from the stress.
HARD RED SPRING WHEAT:
The national average HRS wheat basis for Friday is at 50 cents under the Minneapolis July futures, unchanged from Thursday's basis. The Minneapolis spot spring wheat cash premiums closed as follows, based on Minneapolis July futures: 12% proteins were at +130, 13% proteins were not quoted, 13.5% proteins were unchanged at +160N, 14% proteins were down 10 cents to unchanged at +170 to +180, 14.5% proteins were unchanged at +150N, 15% proteins were to unchanged 20 down 10 cents at +140B to +200, and 16 proteins were not quoted. Wheat receipts on the exchange floor were 77 cars, which included one 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 firstname.lastname@example.org
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