DAILY BASIS AND CASH INDEX SUMMARY:
The national average basis for corn was unchanged at 6 cents under the July futures contract, while the DTN National Corn Index was down 14 cents at $7.66. The national average basis for soybeans was unchanged at 31 cents under the July futures contract while the DTN National Soybean Index was up 7 cents at $16.62. The national average basis for hard red winter (HRW) wheat was 2 cents stronger at 52 cents under the July futures contract while the DTN National Hard Red Winter Wheat Index was down 37 cents at $11.86. The national average basis for hard red spring (HRS) wheat was 3 cents stronger at 47 cents under the July futures contract while the DTN National Hard Red Spring Wheat Index was down 18 cents at $12.31.
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The national average corn basis for Tuesday is 6 cents under the July futures, unchanged from Monday's basis. Track PNW shuttle basis 10 cents stronger for May at +180N, while CIF NOLA basis was 3 cents stronger at +92N and track St. Louis was 3 cents stronger at +55N. BNSF secondary shuttle freight was bid $500 per car over tariff against no offers, June was bid $200 over against $600 offered, and October is bid $1,700 over against offers of $2,000. Ethanol plant basis remains strong at plants needing spot purchases with east-central Iowa 8 cents stronger, central Iowa 2 cents stronger, east-central Nebraska 3 cents stronger, and southern Minnesota and north-central Kansas 5 cents stronger.
The national average soybean basis for Tuesday is at 31 cents under the July futures, unchanged from Monday's basis. Track PNW shuttle basis came out of hibernation with June 10 cents stronger at +155N and August 15 cents stronger at +170N, while CIF NOLA basis for June was 7 cents stronger at +137N and track St. Louis was 8 cents stronger for May at +95N and first-half June was 5 cents stronger at +90N. High water conditions still exist along much of the river system as many spots are currently in action stage, the stage just below minor flood stage and safety protocols may be put in place. Barge freight has been flat and there are no trades being reported nearby.
SOFT RED WINTER WHEAT:
The national average SRW wheat basis for Tuesday is at 69 cents under the July futures, 10 cents weaker than Monday's basis.
HARD RED WINTER WHEAT:
The national average HRW wheat basis for Tuesday is at 52 cents under the Kansas City July futures, 2 cents stronger than Monday's basis. The flat price took a hit Tuesday as Paris milling futures fell on chatter that the UK would send warships to defend Ukraine grain shipments. The KC spot milling market was quiet with only ordinary protein quoted down 5 cents at +180N. The Texas Gulf 11% protein basis was flat at +160N for June, while track PNW 11.5% protein was at +185N.
HARD RED SPRING WHEAT:
The national average HRS wheat basis for Tuesday is at 47 cents under the Minneapolis July futures, 3 cents stronger than Monday's basis. The Minneapolis spot spring wheat cash premiums closed as follows, based on Minneapolis July futures: 12% proteins were unchanged at +130N, 13% proteins were not quoted, 13.5% proteins were noy quoted, 14% proteins were unchanged at +170N to +180N, 14.5% proteins were unchanged not quoted, 15% proteins were down 60 cents to unchanged at +150* 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.
Mary Kennedy can be reached at firstname.lastname@example.org
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