DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was unchanged at 15 cents under the July futures contract, while the DTN National Corn Index was up 12 cents at $7.97. The national average basis for soybeans was unchanged at 37 cents under the July futures contract while the DTN National Soybean Index was up 21 cents at $16.55 The national average basis for hard red winter (HRW) wheat was 3 cents stronger at 55 cents under the July futures contract and the DTN National Hard Red Winter Wheat Index was down 7 cents at $10.99. The national average basis for hard red spring (HRS) wheat was 4 cents stronger at 42 cents under the July futures contract while the DTN National Hard Red Spring Wheat Index was up 10 cents at $11.56.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$7.97	$0.12	-$0.15	Jul	$0.010
Soybeans:	$16.55	$0.21	-$0.37	Jul	$0.002
SRW Wheat:	$10.29	-$0.03	-$0.62	Jul	$0.009
HRW Wheat:	$10.99	-$0.07	-$0.55	Jul	$0.032
HRS Wheat:	$11.56	$0.10	-$0.38	Jul	$0.033

CORN:

The national average corn basis for Wednesday is 15 cents under the July futures, 1 cent stronger than Tuesday's basis. Track PNW basis was unchanged at +155N for May, while CIF NOLA basis for May was 10 cents stronger at +85K and June 6 cents stronger at +86N and track St. Louis was 5 cents stronger for May at +32K. BN secondary rail freight for first half May is bid $1000 per car over tariff against offers of $2500, with last half May bid at $400 per car against offers of $1000. UP secondary freight last half May is bid $2500 against offers of $3500. Ethanol plant basis is perking up again as plants come out of spring maintenance. Central Illinois basis was 4 cents to 10 cents stronger, southwestern Kansas was 5 cents stronger, and southern Nebraska 5 cents stronger. As more farmers can get into their fields in the central Corn Belt, they will stop hauling corn to market.

SOYBEANS:

The national average soybean basis for Wednesday is at 37 cents under the July futures, unchanged from Tuesday's basis. Track PNW soybean basis was quiet for August at +155N, while new crop basis remains unchanged at +230X for September. Track St. Louis basis was 3 cents stronger for October at +28X, with CIF NOLA basis unchanged for June at +125N and August unchanged at +115Q, with no posted bids prior to those months. Barge freight is pretty flat right now and the lower Mississippi River remains in flood action status all the way to the Gulf.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Wednesday is at 62 cents under the July futures, 1 cent stronger than Tuesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Wednesday is at 55 cents under the Kansas City July futures, 3 cents stronger than Tuesday's basis. "Wheat is wheat" was the battle cry on the KC spot milling market. Mills made sure that 11% proteins through 14% protein milling wheat was all the same price Wednesday at +280K. Rather interesting given the uncertainty of the new crop right now, but for now. Mills have been getting what they need, and we all know that can change next week if their cars don't show up.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Wednesday is at 38 cents under the Minneapolis July futures, 4 cents stronger than Tuesday's basis. The Minneapolis spot spring wheat cash premiums closed as follows, based on Minneapolis July futures: 12% proteins were not quoted, 13% proteins were not quoted, 13.5% proteins were not quoted, 14% proteins were down 20 cents at +180, 14.5% proteins were unchanged at +150, 15% proteins were up 10 cents to unchanged at +160B to +230, and 16 proteins were not quoted. Wheat receipts on the exchange floor were 96 cars, which included two train(s).* MGEX Daily Grain Prices are Delivered Chicago/Beyond: Spot No. 1 Milling Northern/Dark Northern Spring Wheat.

Mary Kennedy can be reached at mary.kennedy@dtn.com

Follow her on Twitter @MaryCKenn

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