The national average basis for corn was unchanged at 31 cents under the September futures contract while the DTN National Corn Index was down 1 cents at $3.30. The national average basis for soybeans was 4 cents weaker at 82 cents under the November futures contract (correction from Tuesday), while the DTN National Soybean Index was down 14 cents at $7.87. 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 10 cents at $5.16. 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 13 cents at $5.35.DAILY BASIS CHART:
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The DTN National Corn Index for Wednesday indicated a national average basis of 31 cents under the Chicago September futures contract, unchanged from Tuesday's basis. The corn market closed lower, under pressure from a higher dollar and the seven-day forecast showing less heat along with widespread rain coverage east of the Rocky Mountains. USDA announced fresh corn export sales to unknown destinations of 55,000 metric tons (mt) for delivery during the 2017-18 marketing year and 59,572 mt for delivery during the 2018-19 marketing year. Basis is quiet for now, but all the chatter of early harvest could eventually weaken basis, especially with unpriced old-crop still hanging around. The basis for shuttles delivered to the PNW was 3 cents stronger at +90U.SOYBEANS:
The DTN National Soybean Index for Wednesday indicated a national average basis of 82 cents under the Chicago November futures contract, 4 cents weaker than Tuesday's basis (correction from Tuesday). Soybeans were lower midweek, mainly due to a favorable forecast for the next seven to 10 days that includes less heat and rain over the eastern two-thirds of the U.S., with the heaviest amounts moving eastward from northern Arkansas into the Ohio River Valley. A record July crush reported by NOPA did little to excite the market as the strong U.S. dollar pressured the complex. Basis is still feeling weak overall; CIF Gulf basis was 2 cents weaker now at +28 bid/30 ask. There are still no posted BNSF shuttle bids on the PNW through the end of the year; we need China or more business from others to make that happen.SOFT RED WINTER WHEAT:
The DTN National Soft Red Winter Wheat Index for Wednesday indicated a national average basis of 27 cents under the Chicago September futures, 1 cent stronger than Tuesday's basis.HARD RED WINTER WHEAT:
The DTN National Hard Red Winter Wheat Index for Wednesday indicated a national average basis of 20 cents under the Kansas City September futures contract, unchanged from Tuesday's basis. Spot KC market saw a jump in ords, up 15 cents, while 11% through 11.8% proteins were up 2 to 5 cents, 12% through 12.45 were up 7 cents and 12.6% through 12.8% were up 2 cents. The cash markets did nothing to help as futures moved lower due in part to the strength in the U.S. dollar and lower Paris milling futures.HARD RED SPRING WHEAT:
The DTN National Hard Red Spring Wheat Index for Wednesday indicated a national average basis of 49 cents under the Minneapolis September futures contract, unchanged from Tuesday'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 up 20 cents to up 15 cents at +75 to +80; 13.5% proteins were unchanged to up 5 cents at +65N to +75B*; 14% proteins were up 5 cents to unchanged at +75; 14.5% proteins were at +80 and 15% proteins were unchanged at +70N to +77N. Receipts were 80 cars, which included two trains*. (Bid=B Ask=A Nominal=N) Wheat on the MGEX floor is traded delivered Chicago/beyond.
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