DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was steady at 41 cents under the May futures contract, while the DTN National Corn Index was up 5 cents at $4.27. The national average basis for soybeans was 1 cent weaker at 75 cents under the May futures, while the DTN National Soybean Index was up 16 cents at $10.97. The national average basis for hard red winter (HRW) wheat was 1 cent weaker at 72 cents under the May futures contract, while the DTN National Hard Red Winter Wheat Index was up 13 cents at $5.46. The national average basis for hard red spring (HRS) wheat was one cent weaker at 41 cents under the MIAX Minneapolis May futures contract, while the DTN National Hard Red Spring Wheat Index was up 9 cents at $6.00.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.27	$0.05	-$0.41	May	$0.000
Soybeans:	$10.97	$0.16	-$0.75	May	-$0.005
SRW Wheat:	$5.44	$0.10	-$0.54	May	$0.018
HRW Wheat:	$5.46	$0.13	-$0.72	May	-$0.007
HRS Wheat:	$6.00	$0.09	-$0.41	May	-$0.010

CORN:

The national average corn basis for Wednesday was 41 cents under the May futures, unchanged from Tuesday's basis. PNW basis for May is steady at +105K and CIF is steady at +80K. March track St. Louis is steady at +22K. Processors are mixed with Cedar Rapids, Iowa, steady at -20K; Fort Dodge, Iowa, is steady at -40K; Council Bluffs, Iowa, is 2 cents stronger at -16K; Des Moines, Iowa, is steady at -29K; Decatur, Illinois, is steady at -8K; Mitchell, South Dakota, is 3 cents weaker at -66K; Blair, Nebraska, is 2 cents weaker at -22K; Hastings, Nebraska, is steady at -50K; Lincoln, Nebraska, is steady at -40K; Garden City, Kansas, is steady at -40K; Columbus, Nebraska, is steady at -30K; St. Paul, Minnesota, is -50K; and Marshall, Minnesota, is steady at -40K.

SOYBEAN:

The national average soybean basis for Wednesday was 75 cents under the May futures, 1 cent weaker than Tuesday's basis. PNW basis bid for LH March is steady at +70K. March CIF basis is steady at +60K and track St. Louis is 1 cent stronger at +8K for FH April. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is steady at -30K; St. Paul, Minnesota, is steady at -90K and basis on the Illinois River at Havana, Illinois, is steady at -30K. Processors are mixed with Council Bluffs, Iowa, steady at -55K; Des Moines, Iowa, is steady at -50K; Cedar Rapids, Iowa, is 5 cents stronger at -25K; Sioux City is steady at -50K; Decatur, Illinois, is steady at option the K; Volga, South Dakota, is steady at -72K; Spiritwood, North Dakota, is steady at -55K; NDSP Casselton, North Dakota is 5 cents stronger at -60K; Hastings, Nebraska, is steady at -90K; Lincoln, Nebraska, is steady at -55K; Aberdeen, South Dakota, is steady at -95K; Mitchell, South Dakota, is steady at -62K; and Mankato, Minnesota, is steady at -45K. BN secondary shuttle freight for returns is bid plus $600 over against no offers, LH March is bid plus $600 over against no offers and April is bid plus $300 over against offers of plus $700 over. UP secondary freight for returns is bid plus $500 over against no offers, LH March is bid plus $500 over against no offers, and April is bid plus $100 over against offers of plus $450 over.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Wednesday was 54 cents under the May futures, 1 cent stronger than Tuesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Wednesday was 72 cents under the Kansas City May futures, 1 cent weaker than Tuesday's basis. Spot premiums were unchanged with ordinary protein steady at +115; 11% through 11.4 steady at +127; 11.6% through 12.4% is steady at +136; 12.6 through 13% are down 3 cents at +126; 13.2% is steady at +129; 13.4% through 14% was steady at +130. Gulf bid for spot 11% protein is steady at +115 with no protein bumps. PNW 11.5% is 5 cents weaker at +115, while Texas Gulf basis for 11% is 5 cents weaker at +130. There is no word yet on Algeria tender.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Wednesday was 41 cents under the MIAX Minneapolis May futures, 1 cent weaker than Tuesday's basis. The MIAX Futures Exchange LLC Floor Trading Summary of spot milling spring wheat cash premiums closed as follows, basis the May MIAX spring wheat futures: 12% proteins are not quoted; 13% proteins are not quoted; 13.5% proteins are not quoted 14% proteins are down 15 to unchanged at +110 to +125; 14.5% proteins are unchanged at +150N; 15% proteins are unchanged at +200 and 16% proteins were not quoted. Wheat receipts on the exchange floor were 18 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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