DTN Daily Basis Comments

DAILY BASIS:

DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$3.34	$0.07	-$0.40	Jul	-$0.003
Soybeans:	$8.99	-$0.04	-$0.71	Jul	-$0.001
SRW Wheat:	$3.90	$0.02	-$0.41	Jul	$0.001
HRW Wheat:	$3.54	$0.01	-$0.85	Jul	$0.001
HRS Wheat:	$5.04	$0.05	-$0.41	Jul	$0.007

CORN:

The DTN National Corn Index for Wednesday indicated a national average basis of 40 cents under the Chicago July futures contract, 1 cent weaker than Tuesday's basis. Corn was higher after the USDA reported corn stocks slightly lower than what traders had estimated and also forecasted higher demand from ethanol and a lower harvest. DTN forecast shows more rain in portions of the southern and eastern Midwest Thursday, further slowing planting. All of this was enough to withstand the forecast for a slowdown in exports due to the large crop size in South America. The Gulf basis was 2 cents weaker as water levels continue to rise in New Orleans and Baton Rouge. The Mississippi River at Baton Rouge is not expected to crest until May 20. Barge and Vessel operations are not stopped but delays are expected to slow traffic.

SOYBEANS:

The DTN National Soybean Index for Wednesday indicated a national average basis of 71 cents under the Chicago July futures contract, unchanged from Tuesday's basis. Soybeans started out in a good mood after the USDA report ending stocks estimate at 480 million bushels, lower than trade expectations. But, the market was eventually pulled lower as the likelihood of more soybeans getting planted this spring is becoming closer to a reality as corn planting has slowed due to wet fields in some parts of the ECB. Basis continues to be supported by processors with southern Minnesota, east central South Dakota and northwest Missouri 5 cents stronger. CIF Gulf basis was weaker as the Mississippi River there continues to rise, causing restrictions in the LMR down to the Gulf.

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 July 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 85 cents under the Kansas City July futures contract, unchanged from Tuesday's basis. The spot KC basis for 11.2% protein to 11.4% was 5 cents stronger, 12% to 12.4% was 9 cents stronger and 13% to 13.8% was 10 cents stronger. The domestic market also remains firm as mills continue to buy old crop due to the uncertainty over the new crop quality.

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 July futures contract, 1 cent stronger than Tuesday's basis. The Minneapolis spot HRS wheat cash market closed as follows, basis the Minneapolis July futures contract for No. 1 milling quality: 12% proteins were not quoted; 13% proteins were at +70; 13.5% proteins were down 5 cents at +95 to +100; 14% proteins were down 10 cents to up 5 cents at +105* to +120B; 14.5% proteins were nominally (N) unchanged at +125N and 15% proteins were down 10 cents to up 7 cents at +140 to +180B. Receipts were 127 cars, which included three trains*.

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

Follow Mary Kennedy on Twitter @MaryCKenn

(BAS)

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