DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was steady at 21 cents under the July futures contract while the DTN National Corn Index was down 6 cents at $3.90. The national average basis for soybeans was 1 cent stronger at 57 cents under the July futures contract, while the DTN National Soybean Index was down 20 cents at $9.68. The national average basis for hard red winter (HRW) wheat was 1 cent stronger at 57 cents under the July futures contract, while the DTN National Hard Red Winter Wheat Index was down 10 cents at $4.67. The national average basis for hard red spring (HRS) wheat was 1 cent stronger at 28 cents under the MIAX Minneapolis July futures contract, while the DTN National Hard Red Spring Wheat Index was down 13 cents at $5.83.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$3.90	-$0.06	-$0.21	Jul	$0.001
Soybeans:	$9.68	-$0.20	-$0.57	Jul	$0.013
SRW Wheat:	$4.81	-$0.07	-$0.47	Jul	$0.007
HRW Wheat:	$4.67	-$0.10	-$0.57	Jul	$0.003
HRS Wheat:	$5.83	-$0.13	-$0.28	Jul	$0.008

CORN:

The national average corn basis for Wednesday was 21 cents under the July futures, unchanged from Tuesday's basis. PNW basis is for July is steady at +130U and Hereford, Texas, is at +115U. CIF basis is steady at +74U and track St. Louis is steady at +31U. Processors are mixed with Cedar Rapids, Iowa, steady at option the N; Fort Dodge, Iowa, is steady at -10N; Council Bluffs, Iowa, is steady at +8N; Decatur, Illinois, is steady at +8N; Mitchell, South Dakota, is 2 cents stronger at -22N; Blair, Nebraska, is steady at +10N; Hastings, Nebraska, is 2 cents stronger at -18N; Lincoln, Nebraska, is 3 cents stronger at -15N; Garden City, Kansas, is steady at option the N; Columbus, Nebraska, is 2 cents stronger at +12N; and Marshall, Minnesota, is steady at -12U.

SOYBEAN:

The national average soybean basis for Wednesday was 57 cents under the July futures, 1 cent stronger than Tuesday's basis. PNW basis for October is steady at +105X. CIF basis is 2 cents weaker at +56N and track St. Louis is steady at +15N. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is steady at -34X; St. Paul, Minnesota, is steady at -45N and basis on the Illinois River at Havana, Illinois, is steady at -10N. Processors are mixed with Council Bluffs, Iowa, steady at -25X; Cedar Rapids, Iowa, is steady at -25X; Sioux City is steady at --15X; Decatur, Illinois, is steady at +20X; Volga, South Dakota, is steady at -40X; Spiritwood, North Dakota, is steady at -65X; Hastings, Nebraska, is steady at -72X; Lincoln, Nebraska, is at -35X; Aberdeen, South Dakota, is steady at -50X; Mitchell, South Dakota, is 3 cents stronger at -85N; and Mankato, Minnesota, is steady at -40X.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Wednesday was 47 cents under the July futures, 1 cent stronger than Tuesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Wednesday was 57 cents under the Kansas City July futures, 1 cent stronger than Tuesday's basis. Spot premiums moved to the September with ordinary protein through 12.8% at +90; 13% through 13.8% was at +105 and 14% was at at +177. Gulf bid for spot 11% protein was steady at +90 with no protein bumps. June PNW 11.5% was 5 cents weaker at +125, while the June Texas Gulf basis for 11% was steady at +115. The chatter about Egypt now is possibly 300,000 to 1 million metric tons of EU/Black Sea wheat traded but so far, no official confirmation.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Wednesday was 28 cents under the MIAX Minneapolis July 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, and moving to the September MIAX spring wheat futures: 12% proteins were not quoted; 13% proteins were at +38; 13.5 proteins were not quoted; 14 proteins were at +113 to +140; 14.5% proteins were at +108 to +140; 15% proteins were at +125B to +245, and 16% proteins were not quoted. Wheat receipts on the exchange floor were 66 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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