The national average basis for corn was unchanged at 37 cents under the May futures contract and the DTN National Corn Index was also unchanged at $3.53. The national average basis for soybeans was unchanged at 79 cents under the May futures contract while the DTN National Soybean Index was up 2 cents at $9.62. The national average basis for HRW wheat was 2 cents stronger at 45 cents under the May futures contract and the DTN National Hard Red Winter Wheat Index was up 3 cents at $4.77. The national average basis for HRS wheat was 1 cent stronger at 20 cents under the May futures contract and the DTN National Hard Red Spring Wheat Index was up 7 cents at $6.04.DAILY BASIS CHART:
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The DTN National Corn Index for Monday indicated a national average basis of 37 cents under the Chicago May futures contract, unchanged from Friday's basis. The corn market neared a six-month high during the session, but was unable to stay at the high in spite of higher wheat markets. Weekly export inspections were better than expected, but were below the total for the same week last year and behind the pace needed to meet current USDA projections. USDA reported Monday morning via their daily export sales reporting system that 254,800 mt of U.S. corn were sold to unknown destinations and another 107,752 mt were sold to Japan, both for 2017-18. The shuttle basis delivered to the PNW was 3 cents stronger for FH March as recent snowstorms have slowed rail movement to the West Coast. Shippers have noted that the PNW corn program is still going strong at least through mid-March.SOYBEANS:
The DTN National Soybean Index for Monday indicated a national average basis of 79 cents under the Chicago May futures contract, unchanged from Friday's basis. Soybean prices ended the day slightly higher in part due to noncommercial buying interest seen in both soybeans and soybean oil futures. Rainfall in Argentina over the weekend didn't do much for the western growing areas, giving the market a little support. Weekly inspections were below last week, but were within range of what the trade expected. However, cumulative inspections are well behind the pace needed to meet current USDA projections for the crop year. Processor basis was mixed again and some elevators in the Upper Midwest have told farmers that they are full right now as most of the business heading west is for corn. Gulf basis was 3 cents weaker as business is not very robust right now along with the high water causing problems for barges getting to the Gulf.SOFT RED WINTER WHEAT:
The DTN National Soft Red Winter Wheat Index for Monday indicated a national average basis of 35 cents under the Chicago May futures, unchanged from Friday's basis.HARD RED WINTER WHEAT:
The DTN National Hard Red Winter Wheat Index for Monday indicated a national average basis of 45 cents under the Kansas City May futures contract, 2 cents stronger than Friday's basis. Basis is steady, but over the past week, demand has slowed. The premium for 12% protein on the KC spot market was down 3 cents and 12.4% was down 4 cents. Once mills decide they need protein for their grinds, they will likely come back and pay for it. Weekly inspections were nothing to write home about, but did end up in the middle range of market expectations.HARD RED SPRING WHEAT:
The DTN National Hard Red Spring Wheat Index for Monday indicated a national average basis of 20 cents under the Minneapolis May futures contract, 1 cent stronger than Friday's basis. The Minneapolis spot hard red spring wheat cash market closed as follows, basis the Minneapolis May futures contract for #1 milling quality: 12% proteins were not quoted; 13% proteins were +70B; 13.5% proteins were unchanged at +135N; 14% proteins were unchanged at +145N to +160N; 14.5% proteins were not quoted and 15% proteins were unchanged at +165N to +180N. Receipts were 25 cars, which included one trains.* (Bid=B Ask=A Nominal=N) Wheat on the MGEX floor is traded delivered Chicago/beyond.
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