DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was unchanged at 32 cents under the July futures contract while the DTN National Corn Index was up 1 cent at $3.46. The national average basis for soybeans was unchanged at 65 cents under the July futures contract, while the DTN National Soybean Index was down 5 cents at $9.04. The national average basis for HRW wheat was 8 cents stronger at 20 cents under the July futures contract and the DTN National Hard Red Winter Wheat Index was up 1 cent at $5.18. The national average basis for HRS wheat was unchanged at 15 cents under the July futures contract, while the DTN National Hard Red Spring Wheat Index was down 5 cents at $5.78.

DAILY BASIS CHART:

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$3.46	$0.01	-$0.32	Jul	-$0.001
Soybeans:	$9.04	-$0.05	-$0.65	Jul	$0.001
SRW Wheat:	$4.94	-$0.06	-$0.26	Jul	$0.007
HRW Wheat:	$5.18	$0.01	-$0.20	Jul	$0.075
HRS Wheat:	$5.78	-$0.05	-$0.15	Jul	$0.001

CORN:

The DTN National Corn Index for Friday indicated a national average basis of 32 cents under the Chicago July futures contract, unchanged from Thursday's basis. The corn market was slightly higher Friday, but overall ended the week sharply lower as favorable weather and little progress in trade talks is keeping pressure on the market. For the week, July corn was down 13 3/4 cents and December was down 13 3/4 cents. The DTN national average basis for the week was unchanged as basis has been steady all week. The basis for BNSF shuttles delivered to the Pacific Northwest was 1 cent weaker, but ethanol plants have been posting stronger bids most of the week.

SOYBEANS:

The DTN National Soybean Index for Friday indicated a national average basis of 65 cents under the Chicago July futures contract, unchanged from Thursday's basis. Soybeans were lower again Friday as funds continue to get out of long positions. Similar to the corn market, trade tensions and favorable weather continues to pressure the market. For the week, July soybeans were down 52 cents and November was down 48 cents. The sharp drop in the cash price this past week is giving basis some strength, especially among processors who continue to support the market. However, basis will need to improve much more if there is any chance of pulling what is left of old crop out of the farmers' bins. For the week, the DTN national average basis was 1 cent stronger than one week ago Friday.

SOFT RED WINTER WHEAT:

The DTN National Soft Red Winter Wheat Index for Friday indicated a national average basis of 26 cents under the Chicago July futures, 1 cent stronger from Thursday's basis.

HARD RED WINTER WHEAT:

The DTN National Hard Red Winter Wheat Index for Friday indicated a national average basis of 20 cents under the Kansas City July futures contract, 8 cents stronger than Thursday's basis. The spot KC premiums were sharply lower as the market continues to narrow in the protein spreads ahead of what is expected to be a higher-protein crop. U.S. Wheat Associates noted in their weekly harvest update on Friday that early samples show an average of 13% protein. Country elevators have been posting higher bids in order to entice old-crop bushels to have blending material for the new crop when it starts coming in.

HARD RED SPRING WHEAT:

The DTN National Hard Red Spring Wheat Index for Friday indicated a national average basis of 15 cents under the Minneapolis July futures contract, unchanged from Thursday'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 +75N; 13% proteins were unchanged at +105N; 13.5% proteins were unchanged at +115N to +135N; 14% proteins were unchanged at +140; 14.5% proteins were unchanged at +135 to +140N and 15% proteins were unchanged at +155N to +160. Receipts were 18 cars, which included zero train*. (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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