DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was steady at 15 cents under the September futures contract while the DTN National Corn Index was up 8 cents at $3.96. The national average basis for soybeans was steady at 52 cents under the November futures contract, while the DTN National Soybean Index was up 7 cents at $9.73. The national average basis for hard red winter (HRW) wheat was 1 cent stronger at 71 cents under the September futures contract, while the DTN National Hard Red Winter Wheat Index was up 1 cent at $4.62. The national average basis for hard red spring (HRS) wheat was steady at 46 cents under the MIAX Minneapolis September futures contract, while the DTN National Hard Red Spring Wheat Index was up 2 cents at $5.82.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$3.96	$0.08	-$0.15	Sep	$0.002
Soybeans:	$9.73	$0.07	-$0.52	Nov	-$0.012
SRW Wheat:	$4.80	$0.06	-$0.60	Sep	$0.020
HRW Wheat:	$4.62	$0.01	-$0.71	Sep	$0.006
HRS Wheat:	$5.82	$0.02	-$0.46	Sep	$0.000

CORN:

The national average corn basis for Friday was 15 cents under the September futures, unchanged from Thursday's basis. PNW basis is for July is steady at +130U and Hereford, Texas, is steady at +115U. CIF basis is steady at +74U and track St. Louis is steady at +31U. Processors are mixed and starting the move to U with Cedar Rapids, Iowa, 2 cents stronger at +2 N; Fort Dodge, Iowa, is at -8U; 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 +15U; Hastings, Nebraska, is at -16U; Lincoln, Nebraska, is steady at -15N; Garden City, Kansas, is 10 cents stronger at +10U; Columbus, Nebraska, is 2 cents stronger at +12N; and Marshall, Minnesota, is steady at -12U.

SOYBEAN:

The national average soybean basis for Friday was 52 cents under the November futures, unchanged from Thursday's basis. PNW basis for October is steady at +105X. CIF basis is 9 cents stronger at +65N and track St. Louis is 4 cents stronger at +19N. 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 5 cents stronger at option the N. 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 steady at -82N; and Mankato, Minnesota, is 15 cents stronger at -25X.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Friday was 60 cents under the September futures, 2 cents stronger than Thursday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Friday was 71 cents under the Kansas City September futures, 1 cent stronger than Thursday's basis. Spot premiums were steady with ordinary protein through 11.8% at +90; 12% through 12.4% was up 10 at +100; 12.6 through 12.8% was steady at +90; 13% through 13.8% was at +105 and 14% was at +177. Gulf bid for spot 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 +115. South Korean flour millers bought U.S. milling wheat with one cargo of 50,000 metric tons of HRW/HRS/WW and the other cargo of 32,000 mt combo of HRW/HRS/WW. U.S. wheat reported in their Friday harvest report that "Much of the U.S. has been under high heat advisories this past week with temperatures reaching triple digits. Producers are pushing forward with HRW harvest as unsettled weather is forecast. The HRS crop is developing under variable conditions. In the Pacific Northwest, prolonged dryness is accelerating crop maturation."

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Friday was 46 cents under the MIAX Minneapolis September futures, unchanged from Thursday'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 unchanged at +125N; 13.5 proteins were not quoted; 14 proteins were unchanged at +140N to +175; 14.5% proteins were up 45 to down 25 at +195; 15% proteins were up 55 to unchanged at +180N to +250N, and 16% proteins were not quoted. Wheat receipts on the exchange floor were 9 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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