DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was steady at 32 cents under the May futures contract and the DTN National Corn Index was down 6 cents at $4.26. The national average basis for soybeans was steady at 62 cents under the May futures contract, while the DTN National Soybean Index was down 5 cents at $9.40. The national average basis for hard red winter (HRW) wheat was steady at 70 cents under the May futures contract, and the DTN National Hard Red Winter Wheat Index was down 8 cents at $5.00. The national average basis for hard red spring (HRS) wheat was steady at 32 cents under the May futures contract, and the DTN National Hard Red Spring Wheat Index was down 4 cents at $5.57.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.26	-$0.06	-$0.32	May	$0.006
Soybeans:	$9.40	-$0.05	-$0.62	May	$0.003
SRW Wheat:	$4.85	-$0.05	-$0.58	May	$0.002
HRW Wheat:	$5.00	-$0.08	-$0.70	May	$0.004
HRS Wheat:	$5.57	-$0.04	-$0.32	May	$0.003

CORN:

The national average corn basis for Tuesday was 32 cents under the May futures, unchanged from Monday's basis. PNW basis for March is steady at +115K and Hereford, Texas, is steady +110K. March CIF basis is steady at +72K and track St. Louis is steady at +12K. Processors are mixed, with Cedar Rapids, Iowa, is steady at -5K; Fort Dodge, Iowa, is 1 cent weaker at -20K; Council Bluffs, Iowa, is 3 cents stronger at -12K; Decatur, Illinois, is steady at -6K; Mitchell, South Dakota, is 3 cents stronger at -35K; Blair, Nebraska, is 2 cents stronger at -10K; Hastings, Nebraska, is steady at -32K; Lincoln, Nebraska, is steady at -35K; Garden City, Kansas, is steady at option the K; Columbus, Nebraska, is 5 cents stronger at -10K; and Marshall, Minnesota, is steady at -31K.

SOYBEAN:

The national average soybean basis for Tuesday was 62 cents under the May futures, unchanged from Monday's basis. PNW for April is at +110K and no bids beyond that. March CIF basis is steady at +80K and track St. Louis is 8 cents weaker at +20K. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 2 cents weaker at -4K; St. Paul, Minnesota, is steady -34K and basis on the Illinois River at Havana, Illinois, is 3 cents stronger at -12K. Processors are mixed with Council Bluffs, Iowa, steady at -30K; Cedar Rapids, Iowa, is steady at -10K; Sioux City is steady at -15K; Decatur, Illinois, is at -option the K; Volga, South Dakota, is 5 cents stronger at -55K; Spiritwood, North Dakota, is steady at -55K; Hastings, Nebraska, steady at -82K; Lincoln, Nebraska, is at -35K; Aberdeen, South Dakota, is steady at -65K; Mitchell, South Dakota, is 1 cent stronger at -80K; and Mankato, Minnesota, is steady at -20K.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Tuesday was 58 cents under the May futures, 1 cent stronger than Monday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Tuesday was 70 cents under the Kansas City May futures, unchanged from Monday's basis. Spot premiums were mixed, with ordinary protein is steady at +80; 11% is steady at +80; 11.2% through 11.6% was steady at +91; 11.8% was unchanged at +95; 12% through 12.4% is up 3 at +94; 12.6% through 12.8% was steady at +90; 13% was steady at +97; 13.2% through 13.4% was steady at +100; 13.6% was steady at +107; 13.8% was up 3 at +110 and 14% was steady at +112. For U.S. export news we have our regulars tendering. Japan is in Wednesday night for 120,000 metric tons of wheat in their weekly tender, and Taiwan is in for 100,000 metric tons of wheat.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Tuesday was 32 cents under the Minneapolis May futures, unchanged from Monday's basis. The Minneapolis spot milling spring wheat cash premiums closed as follows, basis the Minneapolis May futures: 12% proteins were not quoted; 13% proteins are not quoted; 13.5 proteins were unchanged at +115N; 14 proteins were down 5 to unchanged at +145N to +200; 14.5% proteins were not quoted; 15% proteins were up 70 to up 25 at +320 to +325, and 16% proteins were not quoted. Wheat receipts on the exchange floor were 28 cars, which included zero train(s). Bid (B), Ask (A), Nominal (N). Minneapolis Daily Spot Grain Prices are Delivered Chicago/Beyond freight.

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

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