DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was unchanged at 12 cents under the July futures contract, while the DTN National Corn Index was up 1 cent at $7.82. The national average basis for soybeans was unchanged at 38 cents under the July futures contract while the DTN National Soybean Index was up 10 at $16.03. The national average basis for hard red winter (HRW) wheat was unchanged at 51 cents under the July futures contract and the DTN National Hard Red Winter Wheat Index was up 31 cents at $10.72. The national average basis for hard red spring (HRS) wheat was unchanged at 38 cents under the July futures contract while the DTN National Hard Red Spring Wheat Index was up 22 cents at $11.39.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$7.82	$0.01	-$0.12	Jul	-$0.003
Soybeans:	$16.03	$0.10	-$0.38	Jul	-$0.002
SRW Wheat:	$10.07	$0.21	-$0.70	Jul	-$0.102
HRW Wheat:	$10.72	$0.31	-$0.51	Jul	$0.001
HRS Wheat:	$11.39	$0.22	-$0.38	Jul	$0.000

CORN:

The national average corn basis for Wednesday is 12 cents under the July futures, unchanged from Tuesday's basis. Track PNW shuttle basis is unchanged for May at +170N, with June inverted at +155N. CIF NOLA basis for May was unchanged at +90N, while track St. Louis was 2 cents stronger. Ethanol plants continue to show demand for old-crop corn, while feeders are still willing buyers of corn and byproducts in states where U.S. pasture conditions are not in great shape -- Montana, Nebraska, Colorado, Texas and Wyoming. Secondary shuttle freight on the UP is getting pricey for last-half May with bid at $2,000 per car over tariff against offers of $5,000 over, with returns and first-half May still bid at $3,000 over against no offers. BN secondary freight showing $1,000 over bid against no offers, with last-half May bid at $80 over against offers of $1,400 over.

SOYBEANS:

The national average soybean basis for Wednesday is at 38 cents under the July futures, unchanged from Tuesday's basis. Track PNW shuttle basis was unchanged at +145N for June, while CIF NOLA is firm at +122N for June. Lower Mississippi River conditions are still in high water, with Baton Rouge still in action stage at 32.49 feet and the Gulf has been experiencing some delays as morning fog has been an issue. Processors are still willing buyers of old crop as crush margins are still decent.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Wednesday is at 70 cents under the July futures, 11 cents weaker than Tuesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Wednesday is at 51 cents under the Kansas City July futures, unchanged from Tuesday's basis. Mills continue to favor lower proteins on the KC spot milling market, with ordinary protein through 11.8% now valued at +290N, 12% through 12.8% valued at +285N and 13% through 14% at +255N. Texas Gulf 11% protein still at +165N and PNW 11.5% at +195N with nothing happening in U.S. export market.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Wednesday is at 38 cents under the Minneapolis July futures unchanged from 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 at +180, 14% proteins were unchanged to down 5 cents at +180, 14.5% proteins were unchanged at +160N, 15% proteins were unchanged at +180* to +230, and 16 proteins were not quoted. Wheat receipts on the exchange floor were 40 cars, which included one 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

(c) Copyright 2022 DTN, LLC. All rights reserved.