DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was unchanged at 35 cents under the July futures contract while the DTN National Corn Index was down 6 cents at $3.61. The national average basis for soybeans was unchanged at 71 cents under the July futures contract while the DTN National Soybean Index was down 18 cents at $9.33. The national average basis for HRW wheat was unchanged at 42 cents under the July futures contract while the DTN National Hard Red Winter Wheat Index was down 9 cents at $4.76. The national average basis for HRS wheat was unchanged at 12 cents under the July futures contract while the DTN National Hard Red Spring Wheat Index was down 4 cents at $5.93.

DAILY BASIS CHART:

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$3.61	-$0.06	-$0.35	Jul	-$0.003
Soybeans:	$9.33	-$0.18	-$0.71	Jul	$0.005
SRW Wheat:	$4.67	-$0.09	-$0.32	Jul	-$0.008
HRW Wheat:	$4.76	-$0.09	-$0.42	Jul	$0.001
HRS Wheat:	$5.93	-$0.04	-$0.12	Jul	$0.004

CORN:

The DTN National Corn Index for Friday indicated a national average basis of 35 cents under the Chicago July futures contract, unchanged from Thursday's basis. The corn market was lower Friday and ended up with a weekly loss for the first time in five weeks. For the week, July corn closed down 9 3/4 cents and December was down 6 1/2 cents. Fund selling put pressure on the market as there is little in the way of fresh news to add any support for higher prices. The DTN national average basis for the week was 1 cent stronger as farmers continue to be absent from the market while they concentrate of spring planting.

SOYBEANS:

The DTN National Soybean Index for Friday indicated a national average basis of 71 cents under the Chicago July futures contract unchanged from Thursday's basis. Soybeans were lower as commercial selling pressured the market. The lack of demand and unresolved trade issues with China remains bearish for the market. For the week, July soybeans were down 33 1/2 cents while the November was down 23 cents. The DTN national average basis for the week was 2 cents stronger as the lower cash price and lack of farmer selling has kept basis levels firm.

SOFT RED WINTER WHEAT:

The DTN National Soft Red Winter Wheat Index for Friday indicated a national average basis of 31 cents under the Chicago July futures, unchanged from Thursday's basis.

HARD RED WINTER WHEAT:

The DTN National Hard Red Winter Wheat Index for Friday indicated a national average basis of 42 cents under the Kansas City July futures contract, unchanged from Thursday's basis. The HRW wheat cash price took a hit for the week, as July Kansas City wheat was down 37 3/4 cents on average for the week. The market remains under pressure from poor weekly export sales, along with the USDA forecasting a higher winter wheat production vs. trade expectations in Thursday's report. The DTN national average basis was 4 cents stronger on average for the week. Mills are beginning to take note of the poor condition of the new crop wheat and the late start to harvest, and are willing buyers of old crop wheat that is offered for sale.

HARD RED SPRING WHEAT:

The DTN National Hard Red Spring Wheat Index for Friday indicated a national average basis of 12 cents under the Minneapolis July futures contract, unchanged from Thursday's basis. The Minneapolis spot hard red spring wheat cash market closed as follows, basis the Minneapolis July futures contract for #1 milling quality: 12% proteins were unchanged at +85N; 13% proteins were not quoted; 13.5% proteins were down 10 cents at +120; 14% proteins were down 35 cents to down 30 cents at +125 to +130; 14.5% proteins were unchanged at +155N and 15% proteins were down 10 cents to unchanged at +165 to +175N. Receipts were 23 cars, which included zero trains.* (Bid=B Ask=A Nominal=N) Wheat on the MGEX floor is traded delivered Chicago/beyond.

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

Follow Mary Kennedy on Twitter @MaryCKenn

(BAS)

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