The national average basis for corn was 1 cent stronger at 35 cents under the September futures contract while the DTN National Corn Index was down 7 cents at $3.19. The national average basis for soybeans was unchanged at 65 cents under the August futures contract, while the DTN National Soybean Index was down 6 cents at $8.02. The national average basis for HRW wheat was 2 cents stronger at 18 cents under the September futures contract and the DTN National Hard Red Winter Wheat Index was down 5 cents at $4.54. The national average basis for HRS wheat was 1 cent weaker at 26 cents under the September futures contract, while the DTN National Hard Red Spring Wheat Index was down 4 cents at $5.12.DAILY BASIS CHART:
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The DTN National Corn Index for Thursday indicated a national average basis of 35 cents under the Chicago September futures contract, 1 cent stronger than Wednesday's basis. The corn market took a turn lower late in the session ahead of the Friday's USDA Acreage and Grain Stocks and the arrival of first notice day for July corn. While there isn't much expected to change, the June 1 stocks may hold a surprise which feels like what the market may be concerned about. Weekly export sales and shipments were neutral, with total U.S. corn shipments down 6% from USDA forecasts in 2017-18. Basis remains firm at most ethanol plants and Thursday's lower corn close and flat ethanol close made corn cheaper for plants to buy. Farmer selling has slowed with the recent loss in the cash price; the flat price of corn has dropped 17 cents from two weeks ago Thursday.SOYBEANS:
The DTN National Soybean Index for Thursday indicated a national average basis of 65 cents under the Chicago August futures contract, unchanged from Wednesday's basis. Soybeans were lower as traders are cautious ahead of USDA’s Grain Stocks and Acreage reports. Thursday's export sales report was neutral for soybeans and total shipments are down 7% in 2017-18 from a year ago, but are still in reach of USDA's export forecast. Basis is firm and the story remains the same: processors are supporting basis levels as supplies are thinning and the cash price is dropping. The flat price of soybeans has dropped 87 cents from 2 weeks ago Thursday.SOFT RED WINTER WHEAT:
The DTN National Soft Red Winter Wheat Index for Thursday indicated a national average basis of 26 cents under the Chicago September futures, down 4 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 18 cents under the Kansas City September futures contract, 2 cents stronger than Wednesday's basis. The basis remains firm and spot cars are still trading at a premium for now. Export sales were better than they have been in a while, but cumulative HRW wheat sales are behind 29% versus the same time one year ago. The futures market is still seeing pressure from the return to harvest in the southern Plains.HARD RED SPRING WHEAT:
The DTN National Hard Red Spring Wheat Index for Thursday indicated a national average basis of 26 cents under the Minneapolis September futures contract, 1 cent weaker than Wednesday's basis. The Minneapolis spot HRS wheat cash market closed as follows, basis the Minneapolis September futures contract for #1 milling quality: 12% proteins were not quoted; 13% proteins were not quoted*; 13.5% proteins were not quoted; 14% proteins were not quoted; 14.5% proteins were not quoted; 15% proteins were at +160* and 16 proteins were at +170. Receipts were 34 cars, which included one train. (Bid=B Ask=A Nominal=N) Wheat on the MGEX floor is traded delivered Chicago/beyond.
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