DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was 1 cent stronger at 25 cents under the May futures contract and the DTN National Corn Index was down 2 cents at $4.50. The national average basis for soybeans was 1 cent stronger at 50 cents under the May futures contract, while the DTN National Soybean Index was up 3 cents at $10.02. The national average basis for hard red winter (HRW) wheat was steady at 66 cents under the May futures contract, and the DTN National Hard Red Winter Wheat Index was down 13 cents at $4.59. The national average basis for hard red spring (HRS) wheat was 3 cents weaker at 28 cents under the Minneapolis May futures contract, and the DTN National Hard Red Spring Wheat Index was down 4 cents at $5.62.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.50	-$0.02	-$0.25	May	$0.008
Soybeans:	$10.02	$0.03	-$0.50	May	$0.011
SRW Wheat:	$4.61	-$0.14	-$0.55	May	$0.004
HRW Wheat:	$4.59	-$0.13	-$0.66	May	$0.003
HRS Wheat:	$5.62	-$0.04	-$0.28	May	-$0.030

CORN:

The national average corn basis for Monday was 25 cents under the May futures, 1 cent stronger than Friday's basis. PNW basis for June is steady at +115K and Hereford, Texas, for June is steady at +105K. May CIF basis is steady at +71K and May track St. Louis is steady at +26K. Processors are mixed with Cedar Rapids, Iowa, 1 cent weaker at option the K; Fort Dodge, Iowa, is steady at -16K; 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 option the K; Hastings, Nebraska, is steady at -32K; Lincoln, Nebraska, is steady at -25K; Garden City, Kansas, is steady at option the K; Columbus, Nebraska, is steady at option the K; and Marshall, Minnesota, is steady at -20K.

SOYBEAN:

The national average soybean basis for Monday was 50 cents under the May futures, 1 cent stronger than Friday's basis. PNW basis for October is steady at +85X. May CIF basis is steady at +79K and May track St. Louis is steady at +32K. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is at +1N; St. Paul, Minnesota, is steady -31K and basis on the Illinois River at Havana, Illinois, is steady at +7K. The Mississippi River at Vicksburg is in moderate flood stage and has crested but is on a slow fall. There is still daylight only for barges transiting through Vicksburg. Baton Rouge is in major flood stage and is expected to crest Thursday, with restrictions still in place. Processors are mixed with Council Bluffs, Iowa, steady at -20K; Cedar Rapids, Iowa, is steady at option the May; Sioux City is 5 cents weaker at option the K; Decatur, Illinois, is steady at +15K; Volga, South Dakota, is steady at -27K; Spiritwood, North Dakota is steady at +30K; Hastings, Nebraska, steady at -82K; Lincoln, Nebraska, is steady at -10K; Aberdeen, South Dakota, is steady at -45K; Mitchell, South Dakota, is steady at -65K; and Mankato, Minnesota, is steady at -5K. BN secondary shuttle freight for returns is not bid or offered, FH May is bid minus $150 under against offers of even money and May is bid minus $100 under against offer of plus $50 over. UP secondary freight for returns is bid minus $350 under against offers of minus $250 under and first half May (GTD Mexico) is bid minus $450 under against offers of minus $300 under.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Monday was 55 cents under the May futures, unchanged from Friday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Monday was 66 cents under the Kansas City May futures, unchanged from Friday's basis. Spot premiums rolled to the July Friday at -13 spread with ordinary protein at +47; 11% through 11.2 is at +57; 11.4% is at +67; 11.6% through 11.8% was at +69; 12% through 13% was at +67; 13.2% was at +72; 13.4% through 13.6 was at +82; 13.8% was at +99 and 14% was steady at +109. May Gulf bid for 11% protein was steady at +110K with no protein bumps. June PNW 11.5% was at +115, while the June Texas Gulf basis for 11% was at +105. USDA on Monday afternoon said U.S. winter wheat headed at 27% as of April 27, 5 points above the five-year average. Winter wheat conditions are reported at 49% good to excellent, compared to 45% last week and 49% this time last year. Spring wheat planting was reported at 30% complete, versus the five-year average pace of 21%. South Dakota is 79% planted and 35 percentage points better than the average.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Monday was 28 cents under the Minneapolis May futures, 3 cents weaker than Friday's basis. The MIAX Futures Exchange, LLC Floor Trading Summary spot milling spring wheat cash premiums closed as follows, based on the MIAX July spring wheat futures: 12% proteins were not quoted; 13% proteins were unchanged at +75N; 13.5 proteins were at +165; 14 proteins were unchanged at +240N; 14.5% proteins not quoted; 15% proteins were unchanged at +400, and 16% proteins were not quoted. Wheat receipts on the exchange floor were 5 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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