DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was steady at 27 cents under the July futures contract and the DTN National Corn Index was down 5 cents at $4.17. The national average basis for soybeans was steady at 51 cents under the July futures contract, while the DTN National Soybean Index was down 1 cent at $9.99. The national average basis for hard red winter (HRW) wheat was 1 cent stronger at 68 cents under the July futures contract, and the DTN National Hard Red Winter Wheat Index was down 11 cents at $4.48. The national average basis for hard red spring (HRS) wheat was steady at 24 cents under the MIAX Minneapolis July futures contract, and the DTN National Hard Red Spring Wheat Index was down 7 cents at $5.49.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.17	-$0.05	-$0.27	Jul	$0.000
Soybeans:	$9.99	-$0.01	-$0.51	Jul	$0.004
SRW Wheat:	$4.65	-$0.07	-$0.60	Jul	$0.008
HRW Wheat:	$4.48	-$0.11	-$0.68	Jul	$0.004
HRS Wheat:	$5.49	-$0.07	-$0.24	Jul	$0.000

CORN:

The national average corn basis for Friday was 27 cents under the July futures, unchanged from Thursday'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 +65N and track St. Louis is steady at +20N. Processors are mixed with Cedar Rapids, Iowa, steady at -3N; Fort Dodge, Iowa, is steady at -15N; Council Bluffs, Iowa, is steady at -2N; Decatur, Illinois, is steady at +10N; Mitchell, South Dakota, is 2 cents stronger at -29N; Blair, Nebraska, is steady at +5N; 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 +2N; and Marshall, Minnesota, is steady at -32N.

SOYBEAN:

The national average soybean basis for Friday was 51 cents under the July futures, unchanged from Thursday's basis. PNW basis for October is steady at +85X. CIF basis is steady at +62N and track St. Louis is steady at +13N. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 1 cent weaker at -3N; St. Paul, Minnesota, is steady -35N and basis on the Illinois River at Havana, Illinois, is 1 cent stronger at -8N. Baton Rouge is in minor flood stage at 35.9 feet above zero gauge and falling slowly with current forecast river will be in minor flood stage at least through May 22. Processors are mixed with Council Bluffs, Iowa, 5 cents weaker at -10N; Cedar Rapids, Iowa, is 5 cents weaker at -10N; Sioux City is steady at -5N; Decatur, Illinois, is steady at +5N; Volga, South Dakota, is at -32N; Spiritwood, North Dakota, is steady at -45N; Hastings, Nebraska, is steady at -77K; Lincoln, Nebraska, is steady at -10N; Aberdeen, South Dakota, is 10 cents weaker at -45N; Mitchell, South Dakota, is steady at -70N; and Mankato, Minnesota, is steady at option the N.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Friday was 60 cents under the July futures, unchanged from Thursday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Friday was 68 cents under the Kansas City July futures, 1 cent stronger than Thursday's basis. Spot premiums were mixed with ordinary protein steady at +57; 11% through 11.2 is steady at +62; 11.4% is steady at +67; 11.6% was steady at +69; 11.8% was steady at +70; 12% was steady at +60; 12.2% was steady at +60; 12.4% through 12.8% was steady at +67; 13% through 13.2% was steady at +75; 13.4% was up 8 at +90; 13.6 was up 13 at +95; 13.8% was steady at +110 and 14% was steady at +140. Gulf bid for 11% protein was steady at +90 with no protein bumps. June PNW 11.5% was steady at +125, while the June Texas Gulf basis for 11% was steady at +105.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Friday was 24 cents under the MIAX Minneapolis July futures, unchanged from Thursday'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 at +55; 13.5 proteins were up 25 to down 25 at +175; 14 proteins were up 35 to unchanged +275; 14.5% proteins were down 55 to down 130 at +270; 15% proteins were down 10 to down 40 at +410, and 16% proteins were not quoted. Wheat receipts on the exchange floor were 18 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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