DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn steady at 41 cents under the May futures contract, while the DTN National Corn Index was up 2 cents at $4.17. The national average basis for soybeans was 1 cent stronger at 73 cents under the May futures, while the DTN National Soybean Index was up 12 cents at $10.98. 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 9 cents at $5.65. The national average basis for hard red spring (HRS) wheat was 1 cent stronger at 35 cents under the MIAX Minneapolis May futures contract, while the DTN National Hard Red Spring Wheat Index was up 7 cents at $6.23.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.17	$0.02	-$0.41	May	$0.000
Soybeans:	$10.98	$0.12	-$0.73	May	$0.006
SRW Wheat:	$5.63	$0.08	-$0.53	May	-$0.011
HRW Wheat:	$5.65	$0.09	-$0.71	May	$0.000
HRS Wheat:	$6.23	$0.07	-$0.35	May	$0.005

CORN:

The national average corn basis for Tuesday was 41 cents under the May futures, unchanged from Monday's basis. PNW basis for May is steady at +110K and CIF is steady at +85K. March track St. Louis is steady at +32K. Processors are mixed and basis changes reflect April bids higher now versus end of March bids. Cedar Rapids, Iowa, is 2 cents stronger at -14K; Fort Dodge, Iowa, is steady at -40K; Council Bluffs, Iowa, is steady at -18K; Des Moines, Iowa, is steady at -26K; Decatur, Illinois, is 3 cents stronger at -5K; Mitchell, South Dakota, is 6 cents stronger at -60K; Blair, Nebraska, is 4 cents stronger at -18K; Hastings, Nebraska, is 7 cents stronger at -43K; Lincoln, Nebraska, is 4 cents stronger at -36K; Garden City, Kansas, is steady at -40K; Columbus, Nebraska, is 5 cents stronger at -25K; St. Paul, Minnesota, is -50K; and Marshall, Minnesota, is 3 cents stronger at -37K.

SOYBEAN:

The national average soybean basis for Tuesday was 73 cents under the May futures, 1 cent stronger than Monday's basis. PNW basis bid for LH March is 5 cents weaker at +75K. March CIF basis is 2 cents stronger at +74K and track St. Louis is steady at +8K. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 13 cents stronger at -12K; St. Paul, Minnesota, is 5 cents weaker at -50K and basis on the Illinois River at Havana, Illinois, is 12 cents stronger at -18K. Processors are mixed and basis changes reflect April bids higher now versus end of March bids. Council Bluffs, Iowa, is 10 cents stronger at -45K; Des Moines, Iowa, is 10 cents stronger at -40K; Cedar Rapids, Iowa, is steady at -25K; Sioux City is 5 cents stronger at -40K; Decatur, Illinois, is 12 cents stronger at +12K; Volga, South Dakota, is 5 cents stronger at -67K; Spiritwood, North Dakota, is 5 cents stronger at -50K; NDSP Casselton, North Dakota is steady at -50K; Hastings, Nebraska, is steady at -90K; Lincoln, Nebraska, is 10 cents stronger at -45K; Aberdeen, South Dakota, is 15 cents stronger at -80K; 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 $500 over against offers of plus $1200 over. UP secondary freight for returns is bid plus $350 over against no offers and April is bid plus $150 over against offers of plus $500 over.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Tuesday was 53 cents under the May futures 1 cent stronger than Monday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Tuesday was 71 cents under the Kansas City May futures, unchanged from Monday's basis. Spot premiums were mostly steady with a few higher protein cars stronger. Ordinary protein steady at +115; 11% through 11.8 steady at +115; 12% though 12.2% is up 15 at +130; 12.4% through 13.0% is steady at +115; 13.2% through 14% was steady at +130. Gulf bid for spot 11% protein is steady at +115 with no protein bumps. PNW 11.5% is up 10 at +125, while Texas Gulf basis for 11% is up 5 at +125.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Tuesday was 35 cents under the MIAX Minneapolis May futures, 1 cent stronger than Monday'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 were not quoted; 13.5% proteins were not quoted; 14% proteins are unchanged to down 15 at +110; 14.5% proteins are not quoted;; 15% proteins are down 10 to up 10 at +190 to +220 and 16% proteins were not quoted. Wheat receipts on the exchange floor were 29 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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