DTN Daily Basis Comments

Friday Morning Basis Comments

Mary Kennedy
By  Mary Kennedy , DTN Basis Analyst
Connect with Mary:

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was 1 cent stronger at 35 cents over the July futures contract, and the DTN National Corn Index was down 1 cent at $6.27. The national average basis for soybeans was 2 cents weaker at 28 cents under the July futures contract, while the DTN National Soybean Index was up 27 cents at $13.01. The national average basis for hard red winter (HRW) wheat was 1 cent weaker at 35 cents under the July futures contract, and the DTN National Hard Red Winter Wheat Index was up 11 cents at $7.68. The national average basis for hard red spring (HRS) wheat was 13 cents weaker at 45 cents under the July futures contract, while the DTN National Hard Red Spring Wheat Index was down 4 cents at $7.44

DTN Cash Change From National Contract Change from
Commodity Index Prev Day Avg. Basis Month Prev Day
Corn: $6.27 -$0.01 $0.35 Jul $0.007
Soybeans: $13.01 $0.27 -$0.28 Jul -$0.023
SRW Wheat: $5.68 $0.16 -$0.43 Jul -$0.007
HRW Wheat: $7.68 $0.11 -$0.35 Jul -$0.014
HRS Wheat: $7.44 -$0.04 -$0.45 Jul -$0.131

CORN:

The national average corn basis for Thursday was 35 cents over the July futures, 1 cent stronger than Wednesday's basis. PNW basis bids have disappeared until October at +125Z, while Hereford, Texas, has no bid for June and July is 5 cents weaker at +155N. CIF NOLA for June is 10 cents weaker at +65N. Track St. Louis for June is 3 cents stronger at +55N. Processor bids are mixed with Cedar Rapids, Iowa, steady at +55N; Fort Dodge, Iowa, is steady at +80N; Council Bluffs, Iowa, is steady at +63N; Mitchell, South Dakota, is steady at +55N; Blair, Nebraska, is 10 cents weaker at +70N; Hastings, Nebraska is 10 cents weaker at +25N; Garden City, Kansas, is steady at +135N; Columbus is 35 cents weaker at +50N for first week of June and Marshall, Minnesota, is steady at +35N. BN secondary freight for returns is not bid against offers of -$300 under, June is bid -$400 under against offers of -$300 and July is bid -$350 under against offers of -$250 under. UP returns are not bid against offers of -$300 under, June is bid -$500 under against offers of -$275 under and July is not bid against offers of -$200 under.

P[L1] D[0x0] M[300x250] OOP[F] ADUNIT[] T[]

SOYBEANS:

The national average soybean basis for Thursday was 28 cents under the July futures, 2 cents weaker than Wednesday's basis. PNW basis for last-half September and October is steady at +165X. CIF NOLA basis for June is steady at +87N, while track St. Louis is 7 cents weaker for June at +53N. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 5 cents weaker at +60N; while basis on the Illinois River at Havana, Illinois, is 2 cents stronger at +45N. Barge freight is stagnant as no trades are being reported with a lack of demand. Water levels in the Lower Mississippi are falling, but so far there doesn't seem to be any panic yet as far as barges moving. Processor bids are steady with some moving to the August futures. Council Bluffs, Iowa, is +85Q; Cedar Rapids, Iowa, is steady at +5N; Sioux City is steady at +15N; Volga, South Dakota, is steady at +70Q; Hastings, Nebraska, is steady at option the August; Lincoln, Nebraska, is steady at +70Q, Aberdeen, South Dakota, is 5 cents weaker at +15Q; Mitchell, South Dakota, is steady at -35Q; and Mankato, Minnesota, is 5 cents stronger at +25N.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Thursday was 43 cents under the July futures, 1 cent weaker than Wednesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Thursday was 35 cents under the Kansas City July futures, 1 cent weaker than Wednesday's basis. The KC spot cash premiums were mostly steady. Ordinary protein was up 35 cents at +175, 11% protein through 11.2% was steady at +175; 11.4% through 12.4% was steady at +175; 12.6% through 13.2% protein was steady at +175, 13.4% through 13.6% was steady at +175 and 13.8% through 14% was down 20 cents at +155. Saudi Arabia is tendering for 480,000 metric tons (mt) of milling wheat for September thru October shipment, while South Korea bought 64,000 mt of feed wheat likely Black Sea origin.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Thursday was 45 cents under the Minneapolis July futures, 13 cents weaker than Wednesday'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 at +135*; 14% proteins were down 10 cents to unchanged at +145 to +200; 14.5% proteins were not quoted; 15% proteins were down 70 cents to unchanged at +150* to +240; and 16% proteins were not quoted. Wheat receipts on the exchange floor were 97 cars, which included three train(s).* Bid (B), Ask(A), Nominal(N). MGEX Daily Grain Prices are Delivered Chicago/Beyond freight: Spot No. 1 Milling Northern/Dark Northern Spring Wheat.

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

Follow her on Twitter @MaryCKenn

P[L2] D[728x90] M[320x50] OOP[F] ADUNIT[] T[]
P[R1] D[300x250] M[300x250] OOP[F] ADUNIT[] T[]
P[R2] D[300x250] M[320x50] OOP[F] ADUNIT[] T[]
DIM[1x3] LBL[] SEL[] IDX[] TMPL[standalone] T[]
P[R3] D[300x250] M[0x0] OOP[F] ADUNIT[] T[]

Mary Kennedy

Mary Kennedy
Connect with Mary: