DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was 1 cent stronger at 26 cents under the May futures contract and the DTN National Corn Index down 3 cents at $4.46. The national average basis for soybeans was steady at 52 cents under the May futures contract, while the DTN National Soybean Index was up 6 cents at $9.89. The national average basis for hard red winter (HRW) wheat was 1 cent weaker at 68 cents under the May futures contract, and the DTN National Hard Red Winter Wheat Index was down 9 cents at $4.70. The national average basis for hard red spring (HRS) wheat was 1 cent stronger at 26 cents under the Minneapolis May futures contract, and the DTN National Hard Red Spring Wheat Index was down 4 cents at $5.65.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.46	-$0.03	-$0.26	May	$0.007
Soybeans:	$9.89	$0.06	-$0.52	May	$0.004
SRW Wheat:	$4.73	-$0.07	-$0.56	May	$0.003
HRW Wheat:	$4.70	-$0.09	-$0.68	May	-$0.004
HRS Wheat:	$5.65	-$0.04	-$0.26	May	$0.003

CORN:

The national average corn basis for Wednesday was 26 cents under the May futures, 1 cent stronger than Tuesday's basis. PNW basis for June is 5 cents stronger at +115K and Hereford, Texas, for June is steady +100K. CIF basis is nine cents weaker at +68K and track St. Louis is 6 cents weaker at +24K. Processors are mixed, with Cedar Rapids, Iowa, 2 cents weaker at +5K; Fort Dodge, Iowa, is 1 cent stronger at -15K; Council Bluffs, Iowa, is steady at -3K; Decatur, Illinois, is steady at +14K; Mitchell, South Dakota, is steady at -26K; Blair, Nebraska, is steady at -2K; Hastings, Nebraska, is steady at -32K; Lincoln, Nebraska, is steady at -25K; Garden City, Kansas, is steady at option the K; Columbus, Nebraska, is 5 cents stronger at option the K; and Marshall, Minnesota, is steady at -20K.

SOYBEAN:

The national average soybean basis for Wednesday was 52 cents under the May futures, unchanged from Tuesday's basis. PNW basis for October is steady at +80X. CIF basis is 1 cent stronger at +78K and track St. Louis is steady at +30K. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 5 cents stronger at +14K; St. Paul, Minnesota, is steady -31K and basis on the Illinois River at Havana, Illinois, is three cents stronger at +3K. The Mississippi River at Vicksburg is now expected to crest at 49.5 feet by Saturday. There is still daylight only for barges transiting through Vicksburg and Memphis. Baton Rouge is in major flood and not expected to crest until May 1. This will create slowdowns for ships in that area and barges heading to the Gulf. Processors are mixed with Council Bluffs, Iowa, steady at -20K; Cedar Rapids, Iowa, is 5 cents stronger at +5K; Sioux City is 5 cents stronger at +5K; Decatur, Illinois, is steady at +15K; Volga, South Dakota, is steady at -27K; Spiritwood, North Dakota is 5 cents stronger at +35K; Hastings, Nebraska, steady at -82K; Lincoln, Nebraska, is steady at -10K; Aberdeen, South Dakota, is steady at -45K; Mitchell, South Dakota, is steady at -75K; and Mankato, Minnesota, is 5 cents stronger at -5K. BN secondary shuttle freight for returns is not bid or offered, LH April is bid minus $50 under against offers of even money and May is bid (Mexico option) even money against offers of plus $100 over. UP secondary freight for returns is not bid or offered and last half April and May is bid minus $350 under against offers of minus $100 under or offered.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Wednesday was 56 cents under the May futures, unchanged from Tuesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Wednesday was 68 cents under the Kansas City May futures, 1 cent weaker than Tuesday's basis. Spot premiums were steady to higher, with ordinary protein up 5 at +70; 11% is steady at +80; 11.2% through 11.4% was steady at +80; 11.6% through 11.8% was steady at +90; 12% through 12.2 % was steady at +80; 12.4% through 12.8% was steady at +80; 13% through 13.2% was steady at +85; 13.4% was steady at +95; 13.6% was down 12 at +95; 13.8% was steady at +112 and 14% was steady at +122. Gulf bid for 11% protein was steady at +90 with no protein bumps. PNW 11.5% was steady at +120, while the Texas Gulf basis for 11% was steady at +115.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Wednesday was 26 cents under the Minneapolis May futures, 1 cent stronger than Tuesday's basis. The MIAX Futures Exchange, LLC Floor Trading Summary spot milling spring wheat cash premiums closed as follows, based on the MIAX May spring wheat futures: 12% proteins were not quoted; 13% proteins were not quoted; 13.5 proteins were up 55 at +160; 14 proteins were up 35 to unchanged at +210; 14.5% proteins were unchanged to up 25 at +200N to +250; 15% proteins were unchanged at +320N to +375N, and 16% proteins were not quoted. Wheat receipts on the exchange floor were 18 cars, which included one 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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