The national average basis for corn was 1 cent stronger at 31 cents under the September futures contract while the DTN National Corn Index was down 1 cent at $3.25. The national average basis for soybeans was unchanged at 81 cents under the November futures contract, while the DTN National Soybean Index was up 7 cents at $7.88. The national average basis for HRW wheat was unchanged at 20 cents under the September futures contract and the DTN National Hard Red Winter Wheat Index was down 19 cents at $5.21. The national average basis for HRS wheat was unchanged at 49 cents under the September futures contract, while the DTN National Hard Red Spring Wheat Index was down 16 cents at $5.44.DAILY BASIS CHART:
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The DTN National Corn Index for Monday indicated a national average basis of 31 cents under the Chicago September futures contract, 1 cent stronger than Friday's basis. The corn market closed lower, still under pressure from the bearish USDA report, but also finding pressure from lower wheat markets. Weekly corn inspections remain bearish as they are still running below USDA forecast for old crop exports. Bids for shuttles delivered to the PNW have been pushed forward to LH September. Secondary shuttle freight has moved higher after trading under tariff nearby for the past few weeks. River basis is flat as low water and shoaling in the UMR at MM530 has slowed traffic considerably until the USACE can correct the issue by dredging.SOYBEANS:
The DTN National Soybean Index for Monday indicated a national average basis of 81 cents under the Chicago November futures contract, unchanged from Friday's basis. Soybeans were higher Monday, thanks in part to the strength in soymeal futures. With the rally in soybean meal futures, crush margins moved to a three week high. Soybean futures also got some help from speculative buying, as the market was due for some correction according to traders. Processor bids are stronger in the Midwest as the recent drop in the cash price has shut off any country movement. The CIF Gulf basis was steady nearby, but weaker for September shipments as new crop nears.SOFT RED WINTER WHEAT:
The DTN National Soft Red Winter Wheat Index for Monday indicated a national average basis of 27 cents under the Chicago September futures, 2 cents stronger than Friday's basis.HARD RED WINTER WHEAT:
The DTN National Hard Red Winter Wheat Index for Monday indicated a national average basis of 20 cents under the Kansas City September futures contract, unchanged from Friday's basis. Basis remains steady with support from the rail market, but truck bids have been weaker. This market needs to see some export business to give it strength as mills can't be the only supportive factor. USDA reported Monday that 94% of the winter wheat harvest is finished with Montana, Idaho and Washington with about 30% percent left to harvest.HARD RED SPRING WHEAT:
The DTN National Hard Red Spring Wheat Index for Monday indicated a national average basis of 49 cents under the Minneapolis September futures contract, unchanged from Friday'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 unchanged at +65; 13% proteins were unchanged at +55N to +60N; 13.5% proteins were up 5 cents to unchanged at +65 to +70N; 14% proteins were unchanged to down 10 cents at +65; 14.5% proteins were not quoted and 15% proteins were unchanged to down 5 cents at +70* to +77*. Receipts were 125 cars, which included three trains*. (Bid=B Ask=A Nominal=N) Wheat on the MGEX floor is traded delivered Chicago/beyond.
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