DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was 1 cent stronger at 40 cents under the May futures contract, while the DTN National Corn Index was down 4 at $4.22. The national average basis for soybeans was 1 cent stronger at 74 cents under the May futures, while the DTN National Soybean Index was down 13 cents at $10.99. The national average basis for hard red winter (HRW) wheat was steady at 71 cents under the May futures contract, while the DTN National Hard Red Winter Wheat Index was up 6 cents at $5.62. The national average basis for hard red spring (HRS) wheat was 1 cent weaker at 42 cents under the MIAX Minneapolis May futures contract, while the DTN National Hard Red Spring Wheat Index was up 2 cents at $6.06.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.22	-$0.04	-$0.40	May	$0.005
Soybeans:	$10.86	-$0.13	-$0.74	May	$0.014
SRW Wheat:	$5.52	$0.00	-$0.53	May	-$0.003
HRW Wheat:	$5.62	$0.06	-$0.71	May	$0.002
HRS Wheat:	$6.06	$0.02	-$0.42	May	-$0.009

CORN:

The national average corn basis for Friday was 40 cents under the May futures, 1 cent stronger than Wednesday's basis. PNW basis for May is steady at +105K and CIF is steady at +85K. March track St. Louis is steady at +32K. Processors are mixed with Cedar Rapids, Iowa, steady at -20K; Fort Dodge, Iowa, is steady at -40K; Council Bluffs, Iowa, is 4 cents weaker at -18K; Des Moines, Iowa, is 3 cents stronger at -26K; Decatur, Illinois, is steady at -8K; Mitchell, South Dakota, is 3 cents weaker at -66K; Blair, Nebraska, is steady 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 Friday was 74 cents under the May futures, 1 cent stronger than Wednesday's basis. PNW basis bid for LH March is steady at +70K. March CIF basis is 10 cents stronger at +70K and track St. Louis is steady 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 steady 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 -55K; 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 not bid or offered and April is bid plus $400 over against offers of plus $1000 over. UP secondary freight for returns is bid plus $450 over against offers of plus $800 over, and April is bid plus $150 over against offers of plus $500 over.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Friday was 53 cents under the May futures, unchanged from Wednesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Friday was 71 cents under the Kansas City May futures, unchanged from Wednesday's basis. Spot premiums were weaker as mills have enough for now. Ordinary protein steady at +115; 11% through 11.4 down 7 at +120; 11.6% through 12.4% is down 11 at +125; 12.6 through 12.8% are down 1 at +130; 13.0% through 13.2% is up 1 at +130; 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 steady at +115, while Texas Gulf basis for 11% is steady at +130.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Friday was 42 cents under the MIAX Minneapolis May futures, 1 cent weaker than Wednesday'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 at +90; 13.5% proteins were not quoted; 14% proteins are down 15 to unchanged at +110N to +125N; 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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