DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was steady at 28 cents under the July futures contract and the DTN National Corn Index was down 2 cents at $4.19. The national average basis for soybeans was 1 cent stronger at 52 cents under the July futures contract, while the DTN National Soybean Index was up 6 cents at $9.93. The national average basis for hard red winter (HRW) wheat was steady at 70 cents under the July futures contract, and the DTN National Hard Red Winter Wheat Index was down 4 cents at $4.55. The national average basis for hard red spring (HRS) wheat was 2 cents stronger at 25 cents under the Minneapolis July futures contract, and the DTN National Hard Red Spring Wheat Index was down 1 cent at $5.76.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.19	-$0.02	-$0.28	Jul	$0.000
Soybeans:	$9.93	$0.06	-$0.52	Jul	$0.006
SRW Wheat:	$4.68	-$0.05	-$0.61	Jul	$0.000
HRW Wheat:	$4.55	-$0.04	-$0.70	Jul	$0.007
HRS Wheat:	$5.76	-$0.01	-$0.25	Jul	$0.016

CORN:

The national average corn basis for Thursday was 28 cents under the July futures, unchanged from Wednesday's basis. PNW basis for last-half May is steady at +115K and Hereford, Texas, for June is steady at +100K. CIF basis is steady at +68N and track St. Louis is steady at +20N. Processors are mixed with Cedar Rapids, Iowa, steady at -3N; Fort Dodge, Iowa, is steady at -17N; Council Bluffs, Iowa, is 3 cents stronger at -2N; Decatur, Illinois, is 2 cents stronger at +4N; Mitchell, South Dakota, is steady at -33N; Blair, Nebraska, is steady at -6N; Hastings, Nebraska, is steady at -37N; Lincoln, Nebraska, is steady at -25N; Garden City, Kansas, is steady at option the N; Columbus, Nebraska, is steady at -14N; and Marshall, Minnesota, is steady at -32N.

SOYBEAN:

The national average soybean basis for Thursday was 52 cents under the July futures, 1 cent stronger than Wednesday's basis. PNW basis for October is steady at +85X. CIF basis is steady at +62N and track St. Louis is steady at +15N. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is steady at -1N; St. Paul, Minnesota, is steady -35N and basis on the Illinois River at Havana, Illinois, is steady at -10N. Baton Rouge is still in major flood stage at -40 feet and falling slowly with forecast river will be in minor flood stage at least through May 23. Processors are mixed with Council Bluffs, Iowa, is at -5N; Cedar Rapids, Iowa, is steady at -5N; Sioux City is steady at -5N; Decatur, Illinois, is 4 cents weaker +12N; Volga, South Dakota, is at -32N; Spiritwood, North Dakota, is steady at -30N; Hastings, Nebraska, is steady 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 not bid against offers of even money, May is bid minus $100 under against offers even money. UP secondary freight for returns is bid minus $250 under against offers of minus $150 and May is not bid against offers of minus $150 under.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Thursday was 61 cents under the July futures, unchanged from Wednesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Thursday was 70 cents under the Kansas City July futures, unchanged from Wednesday's basis. Spot premiums were steady with ordinary protein unchanged at +50; 11% through 11.2 is steady at +62; 11.4% through 11.6% was steady at +67; 11.8% was steady at +70; 12% was up 7 at +70; 12.2% was steady 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 up 5 at +105. Traders noted that Taiwan bought 99,000 mt of U.S. milling wheat in a combo of HRW,DNS, SWW.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Thursday was 25 cents under the Minneapolis July futures, 2 cents stronger than Wednesday'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 not quoted; 13.5 proteins were up 5 to down 5 at +175; 14 proteins were down 25 at +210; 14.5% proteins were up 15 to down 10 at +265; 15% proteins were down 100 to down 30 at +250 to +400, and 16% proteins were not quoted. Wheat receipts on the exchange floor were 33 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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