DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was unchanged at 25 cents under the May futures contract and the DTN National Corn Index was down 1 cent at $4.13. The national average basis for soybeans was unchanged at 57 cents under the May futures contract, while the DTN National Soybean Index was up 17 cents at $11.52. The national average basis for hard red winter (HRW) wheat was 1 cent weaker at 47 cents under the May futures contract, while the DTN National Hard Red Winter Wheat Index was down 1 cent at $5.43. The national average basis for hard red spring (HRS) wheat was 1 cent weaker at 21 cents under the May futures contract, while the DTN National Hard Red Spring Wheat Index was down 2 cents at $6.38.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.13	-$0.01	-$0.25	May	$0.001
Soybeans:	$11.52	$0.17	-$0.57	May	-$0.001
SRW Wheat:	$5.02	$0.01	-$0.53	May	$0.008
HRW Wheat:	$5.43	-$0.01	-$0.47	May	-$0.002
HRS Wheat:	$6.38	-$0.02	-$0.21	May	-$0.009

CORN:

The national average corn basis for Monday was 25 cents under the May futures, unchanged from Friday's basis. PNW basis is steady at +150 for last-half March, April is 5 cents stronger at +150K and Hereford, Texas, is steady at +130K for last-half March. CIF NOLA for March is steady at +49K and track St. Louis for March is steady at +15K. Processors are mixed with Cedar Rapids, Iowa, is 4 cents stronger at +19K; Fort Dodge, Iowa, is steady at -3K; Council Bluffs, Iowa, is steady at +5K; Decatur, Illinois, is steady at -2K; Mitchell, South Dakota, is steady at -38K; Blair, Nebraska, is steady at +14K; Hastings, Nebraska, is steady at -15K; Lincoln, Nebraska, is steady at -15K; Garden City, Kansas, is steady at +15K; Columbus, Nebraska, is 3 cents stronger at +15K; and Marshall, Minnesota, is steady at -17K.

SOYBEANS:

The national average soybean basis for Monday was 57 cents under the May futures, unchanged from Friday's basis. PNW new-crop bid is steady at +125X, while CIF NOLA basis for March is steady at +54K and track St. Louis for March is steady at +21K. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is steady at +10K, basis on the Illinois River at Havana, Illinois, is steady at -3K and St. Paul, Minnesota, is steady at +23K. Processors are mixed with Council Bluffs, Iowa, is 5 cents stronger at -15K; Cedar Rapids, Iowa, is 5 cents weaker at -10K; Sioux City is at -30K; Decatur, Illinois, is 8 cents weaker at option the May; Volga, South Dakota, is steady at -50K; Spiritwood, North Dakota, is steady at -42K; Hastings, Nebraska, is steady at -85K; Lincoln, Nebraska, is steady at -26K; Aberdeen, South Dakota, is steady at -85K; Mitchell, South Dakota, is steady at -94K; and Mankato, Minnesota, is steady at -10K. BN secondary shuttle freight for returns is bid $1500 against no offers and March is bid plus $1500 over against no offers. UP secondary freight for returns is bid plus $600 over against no offers and March is bid even money against no offers.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Monday was 53 cents under the May futures, 1 cent stronger than Friday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Monday was 47 cents under the Kansas City May futures, 1 cent weaker than Friday's basis. The KC spot milling cash premiums were mixed with few cars reported sold. Ordinary protein was steady at +127;11 through 11.2% was steady at +130; 11.4% through 11.8% was down 5 cents at +140; 12% through 12.2% was down 7 cents at +140, 12.4% through 12.6% was down 5 cents at +145; 12.8% through 14% protein was steady at +150. Offers for 11% protein at the Texas Gulf are steady at +155 and PNW 11.5% is steady at +150, while the track Gulf basis bid for March is steady at +150 and no bump for higher protein. On the export front, South Korea reported to have purchased 30,000 metric tons of U.S. milling wheat and Jordan passed on offers for its 120k,000 mt wheat tender.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Monday was 21 cents under the Minneapolis May futures, 1 cent weaker than Friday's basis. The Minneapolis spot spring wheat cash premiums closed as follows, based on Minneapolis May futures: 12% proteins were not quoted; 13% proteins were unchanged at +110N; 13.5% proteins were not quoted; 14% proteins were unchanged at +135N to +170N; 14.5% proteins were unchanged at +160N; 15% proteins were unchanged at +210N to +250N and 16 proteins were not quoted. Wheat receipts on the exchange floor were zero cars, which included zero 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 X, formerly known as Twitter, @MaryCKenn.

(c) Copyright 2024 DTN, LLC. All rights reserved.