DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was unchanged at 86 cents over the September futures contract, while the DTN National Corn Index was down 11 cents at $6.51. The national average basis for soybeans was 10 cents weaker at 88 cents over the November futures contract while the DTN National Soybean Index was up 4 cents at $14.03. The national average basis for hard red winter (HRW) wheat was unchanged at 47 cents under the September futures contract while the DTN National Hard Red Winter Wheat Index was down 41 cents at $7.73. The national average basis for hard red spring (HRS) wheat was down 4 cents at 50 cents under the September futures contract while the DTN National Hard Red Spring Wheat Index was down 46 cents at $8.21.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$6.51	-$0.11	$0.86	Sep	$0.006
Soybeans:	$14.03	$0.04	$0.88	Nov	-$0.105
SRW Wheat:	$7.00	-$0.45	-$0.59	Sep	$0.026
HRW Wheat:	$7.73	-$0.41	-$0.47	Sep	-$0.005
HRS Wheat:	$8.21	-$0.46	-$0.50	Sep	-$0.041

CORN:

The national average corn basis for Friday is 86 cents over the September futures, unchanged from Thursday's basis. Track PNW basis for November is unchanged at +160U and December is at +168Z, while CIF NOLA for July was 10 cents stronger at +160U, and track St. Louis was 1 cent stronger at +113U. BNSF secondary shuttle freight is bid tariff for returns against offers $100 over, while July is bid tariff against no offers. New-crop October is unchanged and is bid at $1300 over against offers of $2000 over. UP secondary freight for returns is bid $250 over against no offers and July is bid $250 over against offers of $500 over.

SOYBEANS:

The national average soybean basis for Friday is at 88 cents over the November futures, 10 cents weaker than Thursday's basis. Track PNW new-crop basis for September was unchanged at +230X and October was unchanged at +210X. CIF NOLA basis unchanged at +130Q for July and unchanged at +100Q for August, while track St. Louis is steady at +65Q for July. Barge freight was quiet while the water level in St. Louis is now at 3.05 feet and still falling. Barge drafts are expected to be cut in order to keep barges from grounding. Processor basis in southern Minnesota is 80 cents weaker for July at one plant, 30 cents weaker at another and 20 cents weaker at the other; southwest Iowa is unchanged, northwest Iowa is 10 cents stronger; and east-central South Dakota is 10 cents weaker.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Friday is at 59 cents under the September futures, 2 cents stronger than Thursday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Friday is at 47 cents under the Kansas City September futures, unchanged from Thursday's basis. The KC spot market is steady with 14% protein still at a 15-cent discount to the rest of the premiums. Ords through 13.8% are at +135 but expect the higher protein to possibly fade as the latest harvest update shows the new crop at 13.3% protein. Friday's U.S. Wheat weekly harvest report noted, "Producers continue to report higher-than-expected quality and yields in drought areas, and as harvest moves north, above-average yields and quality are expected. Montana sources are reporting a shorter than average crop, but heads are filling out nicely and fields are turning color. Disease and weed pressures remain low in drier areas. Insect damage from stem sawfly and/or grasshoppers is a concern in Colorado, Wyoming, Montana and Idaho."

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Friday is at 50 cents under the Minneapolis September futures, 4 cents weaker than Thursday'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 not quoted, 13.5% proteins were unchanged at +200N, 14% proteins were unchanged at +165 to +180, 14.5% proteins were unchanged at +175N, 15% proteins were unchanged at +120N to +200, and 16% proteins were unchanged at +130N. Wheat receipts on the exchange floor were 33 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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