DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was 2 cents weaker at 84 cents over the September futures contract, while the DTN National Corn Index was up 14 cents at $6.99. The national average basis for soybeans was 5 cents weaker at 78 cents over the November futures contract while the DTN National Soybean Index was up 26 cents at $15.18. The national average basis for hard red winter (HRW) wheat was 2 cents weaker at 49 cents under the September futures contract while the DTN National Hard Red Winter Wheat Index was up 26 cents at $8.40. The national average basis for hard red spring (HRS) wheat was 1 cent weaker at 46 cents under the September futures contract while the DTN National Hard Red Spring Wheat Index was down 18 cents at $8.65.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$6.99	$0.14	$0.84	Sep	-$0.012
Soybeans:	$15.18	$0.26	$0.78	Nov	-$0.050
SRW Wheat:	$7.56	$0.26	-$0.61	Sep	-$0.004
HRW Wheat:	$8.40	$0.26	-$0.49	Sep	-$0.024
HRS Wheat:	$8.82	$0.17	-$0.46	Sep	-$0.009

CORN:

The national average corn basis for Thursday is 84 cents over the September futures, 2 cents weaker than Wednesday's basis. Track PNW basis for November is steady at +160U and December is steady at +168Z, while CIF NOLA for August was weaker at +120U and track St. Louis was 14 cents stronger at +100U for July and at +86U for first-half August. BNSF secondary shuttle freight is still bid at $250 under against offers $150 under for returns, while August is still bid $300 under against offers of $150 under. New-crop October is unchanged and bid at $1600 over against offers of $2000 over. UP secondary freight for August is bid $300 over against no offers and October is bid $1600 over against no offers. Domestic basis is steady with plants needing corn pushing for spot purchases still. Rail service is messy again and getting corn by rail has been challenging.

SOYBEANS:

The national average soybean basis for Thursday is at 78 cents over the November futures, 5 cents weaker than Wednesday's basis. Track PNW new-crop basis for September was unchanged at +230X and October was unchanged at +210X. CIF NOLA basis is 7 cents weaker at +98Q for first-week August, while track St. Louis is 12 cents weaker at +58Q for July. Barge freight was quiet with some tire kicking in new-crop slots but no trades. Processor basis levels have stopped crashing, with a few plants posting weaker numbers.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Thursday is at 61 cents under the September futures, 1 cent weaker than Wednesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Thursday is at 49 cents under the Kansas City September futures, 2 cents weaker than Wednesday's basis. The KC spot market was steady for ords through 11.8% proteins at +135, 12.8% was 3 cents higher at +136 and 13% through 13.8% was at +130 and 14% protein was unchanged at +120. Weekly export sales were decent with a boat of HRW wheat and a boat of HRS wheat sales to "unknown" and thought to be China, but we never know for sure until we see it in weekly inspections. A train of MQ SD 13% HRW traded on the Minneapolis spot market at +115.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Thursday is at 46 cents under the Minneapolis September futures, 1 cent weaker than Wednesday's basis. The Minneapolis spot spring wheat cash premiums closed as follows, based on Minneapolis September futures: 12% proteins were not quoted, 13% proteins were not quoted, 13.5% proteins were not quoted, 14% proteins were down 15 cents to unchanged at +125*A to +180, 14.5% proteins were unchanged at +115N to +160, 15% proteins were unchanged at +115N to +200, and 16% proteins were not quoted. Wheat receipts on the exchange floor were 84 cars, which included two 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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