DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was unchanged at 17 cents under the September futures contract while the DTN National Corn Index was up 3 cents at $3.68. The national average basis for soybeans was 1 cent weaker at 59 cents under the November futures contract, while the DTN National Soybean Index was up 23 cents at $9.52. The national average basis for hard red winter (HRW) wheat was steady at 50 cents under the September futures contract, while the DTN National Hard Red Winter Wheat Index was up 1 cent at $4.69. The national average basis for hard red spring (HRS) wheat was 1 cent weaker at 36 cents under the MIAX Minneapolis September futures contract, while the DTN National Hard Red Spring Wheat Index was unchanged at $5.42.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$3.68	$0.03	-$0.17	Sep	$0.003
Soybeans:	$9.52	$0.23	-$0.59	Nov	-$0.006
SRW Wheat:	$4.59	$0.01	-$0.56	Sep	$0.009
HRW Wheat:	$4.69	$0.01	-$0.50	Sep	$0.000
HRS Wheat:	$5.42	$0.00	-$0.36	Sep	-$0.005

CORN:

The national average corn basis for Monday was 17 cents under the September futures, unchanged from Friday's basis. PNW basis is steady at +130U and Hereford, Texas, is steady at +105U. CIF basis is steady at +80U and track St. Louis is steady at +18U. Processors are mixed with Cedar Rapids, Iowa, 3 cents weaker at -1U; Fort Dodge, Iowa, is steady at -9U; Council Bluffs, Iowa, is steady at option the U; Decatur, Illinois, is steady at +15U; Mitchell, South Dakota, is steady at -30U; Blair, Nebraska, is steady at option the U; Hastings, Nebraska, is steady at 10U; Lincoln, Nebraska, is steady at -10U; Garden City, Kansas, is steady at +15U; Columbus, Nebraska, is 2 cents stronger at +12U; and Marshall, Minnesota, is steady at -5U.

SOYBEAN:

The national average soybean basis for Monday was 59 cents under the November futures, 1 cent weaker than Friday's basis. PNW basis for October is not quoted. August CIF basis is 2 cents weaker at +60X and track St. Louis is steady at -2X. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 2 cents stronger at -5X; St. Paul, Minnesota, is steady at -68X and basis on the Illinois River at Havana, Illinois, is 5 cents stronger at -25X. Processors are mixed with Council Bluffs, Iowa, steady at -25X; Cedar Rapids, Iowa, is 5 cents weaker at -40X; Sioux City is steady at -10X; Decatur, Illinois, is steady at +10X; Volga, South Dakota, is steady at -40X; Spiritwood, North Dakota, is 25 cents weaker at -65X; Hastings, Nebraska, is 5 cents stronger at -68X; Lincoln, Nebraska, is steady at -30X; Aberdeen, South Dakota, is steady at -70X; Mitchell, South Dakota, is steady at -75X; and Mankato, Minnesota, is steady at -60X. BN secondary shuttle freight for returns is not bid or offered, FH August is not bid or offered and LH August is bid minus $300 under against offers of minus $150 under. UP secondary freight for returns is not bid against offers of minus $150 per car, FH August is not bid under offers of minus $100 under and LH August is not bid against offers of minus 100 under.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Monday was 56 cents under the September futures, 1 cent stronger than Friday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Monday was at 50 cents under the Kansas City September futures, unchanged from Friday's basis. Spot premiums were steady with ordinary protein through 11.6% steady at +65; 11.8% was steady at +65; 12% through 12.6% is steady at +75; 12.8% was steady at +90; 13% is steady at +95; 13.2% through 13.8% is steady at +105 and 14% was steady at +177. Gulf bid for spot 11% protein was steady at +95 with no protein bumps. June PNW 11.5% was steady at +120, while the June Texas Gulf basis for 11% is steady at +120. Reports of Philippines purchasing 50,000 mt of Australian feed wheat overnight. USDA weekly Crop Progress showed as of Aug. 10, winter wheat harvest is 90% complete and spring wheat harvest is 16% complete. The spring wheat crop is rated as 49% good to excellent, up 1 percentage point versus last week, with poor-to-very-poor condition still at 18%. Montana and Washington are still the poorest rated at 4% and 14% good to excellent.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Monday was at 36 cents under the MIAX Minneapolis September futures, 1 cent weaker than Friday's basis. The MIAX Futures Exchange, LLC Floor Trading Summary of spot milling spring wheat cash premiums closed as follows basis the September MIAX spring wheat futures: 12% proteins was unchanged at +20N; 13% proteins are not quoted; 13.5 proteins were down 30 at +50; 14 proteins were down 10 to down 30 at +115; 14.5% proteins were at unchanged at +115N; 15% proteins were unchanged at +195N to +205N, and 16% proteins were not quoted. Wheat receipts on the exchange floor were 9 cars, which includes 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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