DTN Daily Basis Comments
Thursday Morning Basis Comments
The national average basis for corn was steady at 16 cents under the May futures contract while the DTN National Corn Index was down 5 cents at $4.22. The national average basis for soybeans was 1 cent stronger at 52 cents under the May futures contract, while the DTN National Soybean Index was down 1 cent at $11.14. The national average basis for hard red winter (HRW) wheat was steady at 48 cents under the May futures contract, while the DTN National Hard Red Winter Wheat Index was up 16 cents at $5.76. The national average basis for hard red spring (HRS) wheat was steady at 24 cents under the May futures contract, while the DTN National Hard Red Spring Wheat Index was up 13 cents at $6.55.
| DTN Cash | Change From | National | Contract | Change from | |
| Commodity | Index | Prev Day | Avg. Basis | Month | Prev Day |
| Corn: | $4.22 | -$0.05 | -$0.16 | May | $0.004 |
| Soybeans: | $11.14 | -$0.01 | -$0.52 | May | $0.005 |
| SRW Wheat: | $5.42 | $0.09 | -$0.52 | May | -$0.006 |
| HRW Wheat: | $5.76 | $0.16 | -$0.48 | May | $0.000 |
| HRS Wheat: | $6.55 | $0.13 | -$0.24 | May | $0.003 |
CORN:
The national average corn basis for Wednesday was 16 cents under the May futures, unchanged from Tuesday's basis. PNW basis for April/May is steady at +145K and Hereford, Texas, is steady at +130K for April. CIF NOLA for April is steady at +48K and track St. Louis for April is steady at +24K. Processors are mixed with Cedar Rapids, Iowa, moving to the July at +18N; Fort Dodge, Iowa, is steady at +15K; Council Bluffs, Iowa, is 2 cents weaker at +20K; Decatur, Illinois, is steady at +2K; Mitchell, South Dakota, is steady at -26K; Blair, Nebraska, is 5 cents weaker at +25K; Hastings, Nebraska, is steady at -10K; Lincoln, Nebraska, is steady at -5K; Garden City, Kansas, is steady at +25K; Columbus, Nebraska, is steady at +25K (spot bid by 4-27 is +35K); and Marshall, Minnesota, is steady at -10K.
SOYBEANS:
The national average soybean basis for Wednesday was 52 cents under the May futures, 1 cent stronger than Tuesday's basis. PNW for the last half of September is steady at +130X, while CIF NOLA basis for April is steady at +52K and track St. Louis for April is steady at +23K. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, moved to July at +3N, St. Paul, Minnesota river bid is 5 cents stronger at -11K and basis on the Illinois River at Havana, Illinois is 4 cents weaker at -5K. Processors are mixed with Council Bluffs, Iowa, 10 cents stronger at -10K; Cedar Rapids, Iowa, moved to July at -5N; Sioux City is steady at -20K; Decatur, Illinois, is steady at +5K; Volga, South Dakota, is 5 cents weaker at -60K; Spiritwood, North Dakota, is steady at -45K; Hastings, Nebraska, is steady at -85K; Lincoln, Nebraska, is steady at -20K; Aberdeen, South Dakota, is 10 cents stronger at -55K; Mitchell, South Dakota, is steady at -94K; and Mankato, Minnesota, is steady at -5K. BN secondary shuttle freight for returns is not bid or offered, April is bid minus $50 against no offers and May is bid minus $50 under against offers of plus $50 over. UP secondary freight for returns is not bid or offered and April is bid minus $100 under against offers of plus $100 and May is bid minus $300 under against offers of even money.
P[L1] D[0x0] M[300x250] OOP[F] ADUNIT[] T[]
SOFT RED WINTER WHEAT:
The national average SRW wheat basis for Wednesday was 52 cents under the May futures, unchanged from Tuesday's basis.
HARD RED WINTER WHEAT:
The national average HRW wheat basis for Wednesday was 48 cents under the Kansas City May futures, unchanged from Tuesday's basis. The KC spot milling cash premiums recovered a little Wednesday with the market now basis the July, rolling at a 5-cent carry. Ordinary protein was steady at +60; 11% was steady at +77; 11.2 through 11.4% was up 18 cents at +95; 11.6% through 11.8% was steady at +97; 12% through 14% protein was unchanged at +115. The track Gulf bid for 11% protein is at +110 with no protein bumps and PNW 11.5 is +140, while the Texas Gulf basis for 11% is at +155. A farmer in Spearman Texas showed pictures today on X of HRW headed out with freeze damage from last week's cold temps.
HARD RED SPRING WHEAT:
The national average HRS wheat basis for Wednesday was 24 cents under the Minneapolis May futures, unchanged from Tuesday'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 not quoted; 13.5% proteins were not quoted; 14% proteins were unchanged to up 15 cents at +170 to +185; 14.5% proteins were not quoted; 15% proteins were unchanged to up 15 cents to up 5 cents at +255 and 16% proteins were not quoted. Wheat receipts on the exchange floor were 14 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
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