DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was 3 cent stronger at 1 cent over the July futures contract, while the DTN National Corn Index was down 19 cents at $7.32. The national average basis for soybeans was 1 cent weaker at 33 cents under the July futures contract while the DTN National Soybean Index was up 6 cents at $16.58. The national average basis for hard red winter (HRW) wheat was 9 cents stronger at 58 cents under the July futures contract while the DTN National Hard Red Winter Wheat Index was down 46 cents at $10.70. The national average basis for hard red spring (HRS) wheat was 1 cent weaker at 46 cents under the July futures contract while the DTN National Hard Red Spring Wheat Index was down 51 cents at $11.51.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$7.32	-$0.19	$0.01	Jul	$0.029
Soybeans:	$16.58	$0.06	-$0.33	Jul	-$0.005
SRW Wheat:	$9.85	-$0.24	-$0.56	Jul	$0.227
HRW Wheat:	$10.70	-$0.46	-$0.58	Jul	-$0.087
HRS Wheat:	$11.51	-$0.51	-$0.46	Jul	-$0.004

CORN:

The national average corn basis for Wednesday is 1 cent over the July futures, 3 cents stronger than Tuesday's basis. Track PNW shuttle basis is steady at +180N for June, while track St. Louis was 2 cents weaker at +52N and June CIF NOLA was 2 cents weaker at +90N. Herford, Texas basis was 5 cents stronger for June and July at +150N, still competing with ethanol plants which continue to push basis for spot corn. Same story applies in that most farmers are still in the fields, so cash movement is slow at best.

SOYBEANS:

The national average soybean basis for Wednesday is at 33 cents under the July futures, 1 cent weaker than Tuesday's basis. Track PNW soybean basis was steady for August at +165N, but new crop basis is the main draw at +245X for September. A large sale of soybeans to Pakistan was announced by the USDA for new crop delivery, pushing basis up for September and October, with October inverted by 10 cents. CIF NOLA basis also perked up for September at +160X and track St. Louis for June was 8 cents weaker at +80N. Processors are mixed bag as some plants have dropped basis levels after buying spot beans, while river basis is feeling the pinch as well in some spots. Barge freight is quiet and there are more, higher offers than bids right now.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Wednesday is at 56 cents under the July futures, 23 cents stronger than Tuesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Wednesday is at 58 cents under the Kansas City July futures, 9 cents weaker than Tuesday's basis. The KC spot market was quiet, other than ordinary protein trading down 10 cents at +170. There was not much else happening and mills will continue to grab cars that show for sale unless the market is overrun with new crop cars eventually. It will all depend on the quality of course. Export basis took a hit with 11% protein Texas Gulf down 10 cents at +150N and PNW 11.5% down 25 cents at +160N.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Wednesday is at 46 cents under the Minneapolis July futures, 1 cent weaker 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 unchanged at +150N to +180, 14.5% proteins were not quoted, 15% proteins were up 24 cents to unchanged at +160* to +200, and 16 proteins were not quoted. Wheat receipts on the exchange floor were 42 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

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