DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was unchanged at 34 cents over the July futures contract, and the DTN National Corn Index was unchanged at $6.28. The national average basis for soybeans was 2 cents weaker at 24 cents under the July futures contract, while the DTN National Soybean Index was up 1 cent at $12.74. The national average basis for hard red winter (HRW) wheat was 1 cent weaker at 34 cents under the July futures contract, and the DTN National Hard Red Winter Wheat Index was up 6 cents at $7.57. The national average basis for hard red spring (HRS) wheat was steady at 32 cents under the July futures contract, while the DTN National Hard Red Spring Wheat Index was down 13 cents at $7.48.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$6.28	$0.00	$0.34	Jul	-$0.003
Soybeans:	$12.74	$0.01	-$0.26	Jul	-$0.018
SRW Wheat:	$5.52	$0.03	-$0.42	Jul	$0.001
HRW Wheat:	$7.57	$0.06	-$0.34	Jul	-$0.008
HRS Wheat:	$7.48	-$0.13	-$0.32	Jul	$0.002

CORN:

The national average corn basis for Wednesday was 34 cents over the July futures, unchanged from Tuesday's basis. PNW basis bid for June is steady at +160N, while Hereford, Texas, for June is steady at +155N. CIF NOLA for June is steady at +75N. Track St. Louis for June is steady at +52N. Processor bids are mixed with Cedar Rapids, Iowa, steady at +65N; Fort Dodge, Iowa, is 3 cents stronger at +80N; Council Bluffs, Iowa, is steady at +63N; Mitchell, South Dakota, is steady at +55N; Blair, Nebraska, is steady at +80N; Garden City, Kansas, is steady at +135N; Columbus is 10 cents weaker at +75N for first week of June and Marshall, Minnesota, is steady at +35N. BN secondary freight for returns is not bid or offered, June is not bid against offers of -$250 and July is bid -$300 under against offers of -$225 under. UP returns are not bid against offers of -$200 under, June is not bid against offers of -$250 under and July is not bid against offers of -$200 under.

SOYBEANS:

The national average soybean basis for Wednesday was 26 cents under the July futures, 2 cents weaker than Tuesday's basis. PNW basis for the last-half September and October is steady at +165X. CIF NOLA basis for June is steady at +87N, while track St. Louis is steady for June at +60N. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 2 cents stronger at +65N; while basis on the Illinois River at Havana, Illinois, is stead0079 at +43N. Barge freight moved lower as there simply is no demand right now. 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. Will need to watch water levels heading into next week. The 2023, 120-day Illinois River lock closures are starting today, June 1: https://www.dtnpf.com/… 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 steady at +20Q; Mitchell, South Dakota, is steady at -35Q; and Mankato, Minnesota, is 10 cents weaker at +20N.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Wednesday was 42 cents under the July futures, unchanged from Tuesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Wednesday was 34 cents under the Kansas City July futures, 1 cent weaker than Tuesday's basis. The KC spot cash premiums surged higher thanks to month-end flour pricing. Ordinary protein was up 35 cents at +175, 11% protein through 11.2% was up 30 cents at +175; 11.4% through 12.4% was up 5 cents at +175; 12.6% through 13.2% protein up 10 cents at +175 and 13.4% through 14% was up 30 cents at +175. An analyst has noted that KC delivery stocks continue to grind to historical lows on the heels of the worst crop in some 70 years.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Wednesday was 32 cents under the Minneapolis July futures, unchanged from Tuesday'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 up 20 cents to unchanged at +155 to +200; 14.5% proteins were unchanged at +130N; 15% proteins were unchanged at +220N to +240; and 16% proteins were not quoted. Wheat receipts on the exchange floor were 36 cars, which included one 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

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