DTN Daily Basis Comments

DAILY BASIS:

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$3.33	$0.03	-$0.36	May	$0.004
Soybeans:	$8.74	$0.09	-$0.74	May	$0.003
SRW Wheat:	$3.93	$0.00	-$0.41	May	$0.001
HRW Wheat:	$3.40	$0.01	-$0.90	May	$0.007
HRS Wheat:	$4.88	$0.01	-$0.41	May	-$0.004

CORN:

The DTN National Corn Index for Wednesday indicated a national average basis of 36 cents under the Chicago May futures contract, 1 cent stronger than Tuesday's basis. Corn was higher as the continued forecasts for wet weather in parts of the Corn Belt continue to delay planting. However, once farmers get in the fields and start planting, they can catch up if weather conditions turn favorable. Corn also got some support from the higher soybean futures. Basis remains firm as lack of farmer selling remains the constant feature. River basis was 2 cents stronger in the St. Paul District and mixed to unchanged elsewhere. Barge freight remains cheap and recent rains have caused some high water conditions at St. Louis to Vicksburg and south. So far, water levels are expected to peak below flood stage and then start to fall in the next 10 days if the rain stays away.

SOYBEANS:

The DTN National Soybean Index for Wednesday indicated a national average basis of 74 cents under the Chicago May futures contract, unchanged from Tuesday's basis. Soybeans closed higher as the market took a breather from recent lows as funds changed course and bought futures. There is still underlying concern about rain delayed harvest in Argentina. The jump in soymeal futures was supportive, as well as talk of slow new crop sales by Brazil's farmers. Processors in central Iowa, central Illinois and southeastern Nebraska posted a 5 cent stronger basis and in south central Nebraska, basis was 9 cents stronger. River basis has remained firm and along the Illinois River, high water has made conditions messy, slowing barges there.

SOFT RED WINTER WHEAT:

The DTN National Soft Red Winter Wheat Index for Wednesday indicated a national average basis of 41 cents under the Chicago May futures, unchanged from Tuesday's basis.

HARD RED WINTER WHEAT:

The DTN National Hard Red Winter Wheat Index for Wednesday indicated a national average basis of 90 cents under the Kansas City May futures contract, 1 cent stronger than Tuesday's basis. The KC spot premiums made a recovery for proteins above 11%, but ords dropped another 7 cents. The premium for 11.2% was 5 cents stronger, 11.4% was 9 cents stronger, 11.6% was 3 cents stronger, 11.8% was 2 cents stronger and 12% to 12.2% was 4 cents stronger. Domestic bids have firmed as well, but for protein levels above 11.5%. Weather will be the main issue for the cash market moving forward.

HARD RED SPRING WHEAT:

The DTN National Hard Red Spring Wheat Index for Wednesday indicated a national average basis of 41 cents under the Minneapolis May futures contract, 1 cent weaker than Tuesday's basis. The Minneapolis spot HRS wheat cash market closed as follows, basis the Minneapolis May futures contract for No. 1 milling quality: 12% proteins were not quoted; 13% proteins were nominally unchanged at +30N; 13.5% proteins were not quoted; 14% proteins up 5 cents at +80B; 14.5% proteins were unchanged at +105 and 15% proteins were unchanged at +130N to +140N. Receipts were 36 cars, which included one trains.* Wheat on the MGEX floor is traded delivered Chicago/beyond. Like winter wheat, weather will drive the market, especially now as farmers are having trouble getting in fields to plant due to cool, wet weather in parts of the Northern Plains.

Mary Kennedy can be reached at mary.kennedy@dtn.com

Follow Mary Kennedy on Twitter @MaryCKenn

(BAS)

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