DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was 1 cent stronger at 32 cents under the July futures contract while the DTN National Corn Index was up 1 cent at $3.62. The national average basis for soybeans was unchanged at 65 cents under the July futures contract, while the DTN National Soybean Index was down 4 cents at $9.54. The national average basis for HRW wheat was 1 cent stronger at 33 cents under the July futures contract and the DTN National Hard Red Winter Wheat Index was down 15 cents at $5.07. The national average basis for HRS wheat was 1 cent stronger at 12 cents under the July futures contract, while the DTN National Hard Red Spring Wheat Index was up 2 cents at $6.00.

DAILY BASIS CHART:

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$3.62	$0.01	-$0.32	Jul	$0.006
Soybeans:	$9.54	-$0.04	-$0.65	Jul	$0.005
SRW Wheat:	$4.99	$0.06	-$0.27	Jul	$0.021
HRW Wheat:	$5.09	$0.02	-$0.33	Jul	$0.005
HRS Wheat:	$6.00	$0.02	-$0.12	Jul	$0.011

CORN:

The DTN National Corn Index for Thursday indicated a national average basis of 32 cents under the Chicago July futures contract, 1 cent stronger than Wednesday's basis. Soybeans were lower with some support from the end of the Brazil truck start and the likelihood that soybeans will once again make their way to the Ports. Trade tensions between the U.S. and China have also added pressure to the market. Processor basis was mixed with southern Minnesota 2 to 10 cents weaker, southwest Iowa 15 cents weaker, east central South Dakota 4 cents weaker and northwest Iowa 5 cents stronger. The CIF Gulf basis was firm with some talk that the U.S. may be filling some unshipped orders for Brazil until they get their Ports back up an running full speed.

SOYBEANS:

The DTN National Soybean Index for Thursday indicated a national average basis of 65 cents under the Chicago July futures contract, unchanged from Wednesday's basis. Soybeans were lower with some support from the end of the Brazil truck start and the likelihood that soybeans will once again make their way to the Ports. Trade tensions between the U.S. and China have also added pressure to the market. Processor basis was mixed with southern Minnesota 2 to 10 cents weaker, southwest Iowa 15 cents weaker, east central South Dakota 4 cents weaker and northwest Iowa 5 cents stronger. The CIF Gulf basis was firm with some talk that the U.S. may be filling some unshipped orders for Brazil until they get their Ports back up and running full speed.

SOFT RED WINTER WHEAT:

The DTN National Soft Red Winter Wheat Index for Thursday indicated a national average basis of 27 cents under the Chicago July futures, 3 cents stronger than Wednesday's basis.

HARD RED WINTER WHEAT:

The DTN National Hard Red Winter Wheat Index for Thursday indicated a national average basis of 33 cents under the Kansas City July futures contract, 1 cent stronger than Wednesday's basis. Basis remains firm, but as harvest progresses through Texas and Oklahoma, we may see it come under pressure. Everything depends on quality and especially protein to give the basis direction. The cash price firmed, but will continue to be bouncing around with weather developments. The Gulf values have been solid as buyers are in a race to secure old crop bushels since there is so much uncertainty over the new crop.

HARD RED SPRING WHEAT:

The DTN National Hard Red Spring Wheat Index for Thursday indicated a national average basis of 12 cents under the Minneapolis July futures contract, 1 cent stronger than Wednesday's basis. The Minneapolis spot HRS wheat cash market closed as follows, basis the Minneapolis July futures contract for #1 milling quality: 12% proteins were unchanged at +65N; 13% proteins were not quoted; 13.5% proteins were unchanged at +95N to +140N; 14% proteins were unchanged to down 10 cents at +125N to +130; 14.5% proteins were unchanged at +130N and 15% proteins were down 5 cents to unchanged at +145 to +175. Receipts were 95 cars, which included two 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: www.twitter.com/MaryCKenn

(BAS)

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