DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was steady at 29 cents under the July futures contract and the DTN National Corn Index was down 14 cents at $4.25. The national average basis for soybeans was 1 cent stronger at 53 cents under the July futures contract, while the DTN National Soybean Index was down 12 cents at $9.92. The national average basis for hard red winter (HRW) wheat was steady at 71 cents under the July futures contract, and the DTN National Hard Red Winter Wheat Index was down 8 cents at $4.62. The national average basis for hard red spring (HRS) wheat was 1 cent stronger at 28 cents under the Minneapolis July futures contract, and the DTN National Hard Red Spring Wheat Index was down 1 cent at $5.81.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.25	-$0.14	-$0.29	Jul	$0.003
Soybeans:	$9.92	-$0.12	-$0.53	Jul	$0.005
SRW Wheat:	$4.69	-$0.12	-$0.62	Jul	-$0.003
HRW Wheat:	$4.62	-$0.08	-$0.71	Jul	$0.002
HRS Wheat:	$5.81	-$0.01	-$0.28	Jul	$0.002

CORN:

The national average corn basis for Monday was 29 cents under the July futures, unchanged from Friday's basis. PNW basis for last half May is 3 cents stronger at +115K and Hereford, Texas, for June is steady at +100K. May CIF basis is steady at +68N and May track St. Louis is 2 cents weaker at +20N. Processors are mixed with Cedar Rapids, Iowa, steady at -3N; Fort Dodge, Iowa, is at -20N; Council Bluffs, Iowa, is 3 cents stronger at -5N; Decatur, Illinois, is 4 cents weaker at +6N; Mitchell, South Dakota, is steady at -35N; Blair, Nebraska, is 3 cents weaker stronger at -8N; Hastings, Nebraska, is steady at -37N; Lincoln, Nebraska, is steady at -25N; Garden City, Kansas, is steady at option the N; Columbus, Nebraska, is 7 cents weaker at +7N; and Marshall, Minnesota, is 3 cents weaker at -32N.

SOYBEAN:

The national average soybean basis for Monday was 53 cents under the July futures, 1 cent stronger than Friday's basis. PNW basis for October is steady at +85X. CIF basis is 3 cents weaker at +68N and track St. Louis is steady at +20N. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 2 cents stronger at +2N; St. Paul, Minnesota, is steady -35N and basis on the Illinois River at Havana, Illinois, is at option the N. Baton Rouge is still in major flood stage at -40.25 feet and falling slowly with forecast river will be in minor flood stage at least through May 20. Processors are mixed with Council Bluffs, Iowa, is 10 cents stronger at -25N; Cedar Rapids, Iowa, is steady at -5N; Sioux City is steady at -5N; Decatur, Illinois, is not quoted; Volga, South Dakota, is at -32N; Spiritwood, North Dakota is steady at 5 cents weaker at -30N; Hastings, Nebraska, 5 cents stronger at -77K; Lincoln, Nebraska, is steady at -10N; Aberdeen, South Dakota, is steady at -40N; Mitchell, South Dakota, is steady at -65N; and Mankato, Minnesota, is at -10N. BN secondary shuttle freight for returns is bid minus $50 under against no offers, bid minus $50 under against no offers, LH May is bid minus $100 under against no offers, June is bid even money against offers of plus $50 over. UP secondary freight for returns is bid minus $300 under against no offers and May is bid minus $300 under against offers of minus $200 under (May bid is Mexico option).

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Monday was 62 cents under the July futures, unchanged from Friday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Monday was 71 cents under the Kansas City July futures, unchanged from Friday's basis. Spot premiums were steady to mixed with ordinary protein unchanged at +50; 11% through 11.2 is up 3 at +62; 11.4% is at +67; 11.6% through 11.8% was down 2 at +67; 12% through 12.2% was down 4 at +63; 12.4% through 12.8% was steady at +67; 13% through 13.2% was steady at +75; 13.4% through 13.6 was at +82; 13.8% was at +99 and 14% was steady at +109. Gulf bid for 11% protein was steady at +90 with no protein bumps. June PNW 11.5% was at +115, while the June Texas Gulf basis for 11% was at +100. South Korea was reported to have purchased 36,000 metric tons of U.S. wheat with HRW, SWW and spring wheat combo. Monday afternoon, USDA Crop Progress report showed good to excellent ratings at 51% vs average of 42%. Most HRW wheat areas improved, except Kansas and Nebraska were unchanged from last week. USDA said 39% of the winter wheat was headed versus the average of 33%. Spring wheat planting showed 44% complete vs 34% average. South Dakota was 94% finished, with Montana at 30% and North Dakota at 35% done. Here is my U.S. spring wheat planting story from Monday, May 5: https://www.dtnpf.com/…

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Monday was 28 cents under the Minneapolis July futures, 1 cent stronger 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 +170N; 13.5 proteins were unchanged at +150N; 14 proteins were down 10 at +240 to +250; 14.5% proteins at +240 to +275; 15% proteins were 895 to up 30 at +385 to +430, and 16% proteins were not quoted. Wheat receipts on the exchange floor were 41 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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