DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was unchanged at 7 cents under the May futures contract while the DTN National Corn Index was down 4 cents at $5.78. The national average basis for soybeans was 1 cent stronger at 23 cents under the May futures contract while the DTN National Soybean Index was up 16 cents at $14.10. The national average basis for HRW wheat was unchanged at 23 cents under the May futures contract while the DTN National Hard Red Winter Wheat Index was up 2 cents at $5.86. The national average basis for HRS wheat was 1 cent stronger at 27 cents under the May futures contract while the DTN National Hard Red Spring Wheat Index was up 2 cents at $6.37.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$5.78	-$0.04	-$0.07	May	$0.001
Soybeans:	$14.10	$0.16	-$0.23	May	$0.009
SRW Wheat:	$6.35	-$0.01	-$0.17	May	$0.007
HRW Wheat:	$5.86	$0.02	-$0.23	May	$0.004
HRS Wheat:	$6.37	$0.02	-$0.27	May	$0.006

CORN:

The national average corn basis for Friday is at 7 cents under the May futures, unchanged from Thursday's basis. May corn closed down 4 cents Friday but notched an 8 1/2-cent gain for the week; December gained 15 3/4 cents for the week. The market was under pressure from Argentina's corn conditions improving by 8 points from the week prior, along with Buenos Aires Grain Exchange (BAGE) raising Argentine corn production by 1 million metric tons (mmt). On the flip side, however, the driest areas in Brazil where the second corn crop is planted are not expected to see any moisture in the next 10 days. Here in the U.S., famers will continue to head into the fields in the southern areas, while first insurance plant date for the Upper Midwest is April 11 to April 15, depending on what state/county you are in. Track PNW basis was 5 cents weaker at +130K, while CIF NOLA basis was steady. Demand remains in the domestic market, mainly at ethanol plants and some elevators have reported they are shipping rail corn to ethanol plants which are competitive to export prices. Secondary shuttle freight was weaker with April bid at $100 per car above tariff against offers of $350 and May is showing no bids against offers of even money.

SOYBEANS:

The national average soybean basis for Friday is at 23 cents under the May futures, 1 cent stronger than Thursday's basis. May soybeans closed up 15 cents Friday and for the week, May closed up 30 1/4 cents and November was up 10 3/4 cents. Once again, soybean oil was the leader of the pack, closing up 1.44 cents. Palm oil futures were supportive as April exports were reported to be higher. But going forward, there may be concern about possible slowdowns caused by virus ramping up again, especially in India. Here in the U.S., the story for the soybean market is tight supplies that continue to cause basis levels to strengthen almost daily. Processor basis continues stronger with many Midwest processors paying positive basis numbers delivered to their plant. Track St. Louis basis was 6 cents stronger Friday and CIF NOLA basis was 7 cents stronger as river conditions are starting to improve. Levels in Vicksburg are forecast to fall below minor flood stage on April 19, while flood conditions will remain at Baton Rouge until at least April 28.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Friday is at 17 cents under the May futures, 1 cent stronger than Thursday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Friday is at 23 cents under the Kansas City May futures, unchanged from Thursday's basis. KC May closed up 1 1/2 cents and for the week gained 22 3/4 cents. Much of that support came from concern over cold weather and continuing drought conditions for some of the winter wheat growing areas. KC spot milling premiums were unchanged with no cars for sale and export basis is flat.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Friday is at 27 cents under the Minneapolis May futures, 1 cent stronger than Thursday's basis. The Minneapolis spot spring wheat cash market closed as follows, basis the Minneapolis May futures contract for No. 1 milling quality: 12% proteins were not quoted; 13% proteins were at +115N; 13.5% proteins were down 20 cents to down 30 cents at +105; 14% proteins were down 5 cents to down 20 cents at +115 to +120*; 14.5% proteins were unchanged at +130N to +140N; 15% proteins were down 15 cents to unchanged at +135* to +150. Receipts were 87 cars, which included two train(s).* (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 her on Twitter @MaryCKenn

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