DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was 2 cents weaker at 87 cents over the September futures contract, while the DTN National Corn Index was up 6 cents at $6.87. The national average basis for soybeans was 5 cents weaker at 21 cents over the August futures contract while the DTN National Soybean Index was up 2 cents at $14.68. The national average basis for hard red winter (HRW) wheat was unchanged at 50 cents under the September futures contract while the DTN National Hard Red Winter Wheat Index was down 10 cents at $8.02. The national average basis for hard red spring (HRS) wheat was 2 cents weaker at 45 cents under the September futures contract while the DTN National Hard Red Spring Wheat Index was down 5 cents at $8.41.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$6.87	$0.06	$0.87	Sep	-$0.018
Soybeans:	$14.68	$0.02	$0.21	Aug	-$0.050
SRW Wheat:	$7.40	-$0.01	-$0.64	Sep	$0.011
HRW Wheat:	$8.01	-$0.10	-$0.50	Sep	$0.002
HRS Wheat:	$8.41	-$0.05	-$0.45	Sep	-$0.016

CORN:

The national average corn basis for Wednesday is 87 cents over the September futures, 2 cents weaker than Tuesday's basis. Track PNW nearby corn bids resurfaced and at strong numbers, with July and August at +250U and November was 10 cents stronger at +160Z. CIF NOLA for July was bid at +74N for first half July and 72N for last half, while track St. Louis was 2 cents stronger at +27N. Ethanol plants are still in the hunt for old crop corn and are bidding strong numbers basis the September, but buying it has not been easy. BNSF secondary shuttle freight is bid $200 per car under tariff for returns against no offers and July is bid $200 under against offers of $150 under. New crop October is bid at $1000 over against offers of $1500 over. UP secondary freight for July is bid and even money against offers of $150 over and October is bid at $1200 over against no offers.

SOYBEANS:

The national average soybean basis for Wednesday is at 21 cents over the August futures, 5 cents weaker than Tuesday's basis. Track PNW new crop basis for September is unchanged at +215X and October is at +205X. CIF NOLA basis is for July 10-31 is at 185Q/ while river basis levels are weaker. Barge freight is cheap and a broker noted some barge lines are parking barges with the cheap prices and slow demand. The water levels on Lower Mississippi River are still falling with levels at Memphis -0.5 feet and that on top of an excessive heat warning there.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Wednesday is at 64 cents under the September futures, 1 cent stronger than Tuesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Wednesday is at 50 cents under the Kansas City September futures, unchanged Tuesday's basis. The large car count on the KC spot market carried over to Wednesday causing protein premiums to drop 10 cents at +170U for ordinary protein through 14%. Harvest in Kansas is wrapping up in the far western counties, while farmers wait out humidity to continue cutting in the north-central region noted Kansas Wheat in their latest update.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Wednesday is at 45 cents under the Minneapolis September futures, 2 cents weaker than Tuesday's basis. The Minneapolis spot spring wheat cash premiums closed as follows, based on Minneapolis September futures: 12% proteins were not quoted, 13% proteins were unchanged at +140N, 13.5% proteins were not quoted, 14% proteins were up 40 cents to unchanged at +145* to +180B, 14.5% proteins were at +110B, 15% proteins were down 30 cents to unchanged at +120* to +200 and 16 proteins were at +115. Wheat receipts on the exchange floor were 86 cars, which included three 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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