DTN Daily Basis Comments

Tuesday Morning Basis Update

Mary Kennedy
By  Mary Kennedy , DTN Basis Analyst
Connect with Mary:

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was 3 cents weaker at 80 cents over the September futures contract, while the DTN National Corn Index was down 12 cents at $6.87. The national average basis for soybeans was 3 cents weaker at 67 cents over the November futures contract while the DTN National Soybean Index was down 65 cents at $14.73. The national average basis for hard red winter (HRW) wheat was 1 cent stronger at 49 cents under the September futures contract while the DTN National Hard Red Winter Wheat Index was down 7 cents at $8.18. The national average basis for hard red spring (HRS) wheat was 1 cent weaker at 52 cents under the September futures contract while the DTN National Hard Red Spring Wheat Index was down 10 cents at $8.45.

DTN Cash Change From National Contract Change from
Commodity Index Prev Day Avg. Basis Month Prev Day
Corn: $6.87 -$0.12 $0.80 Sep -$0.029
Soybeans: $14.73 -$0.65 $0.67 Nov -$0.026
SRW Wheat: $7.47 -$0.02 -$0.53 Sep $0.052
HRW Wheat: $8.18 -$0.07 -$0.49 Sep $0.010
HRS Wheat: $8.45 -$0.10 -$0.52 Sep -$0.014

CORN:

The national average corn basis for Monday is 80 cents over the September futures, 3 cents weaker than Friday's basis. Track PNW basis for November remains steady at +160U and December is steady at +168Z, while CIF NOLA for August is at +125U and track St. Louis unchanged at +86U for first-half August. BNSF secondary shuttle freight for August is bid $250 under against offers of $150 under. New-crop October is unchanged and bid at $1600 over against offers of $2000 over. UP secondary freight for returns is bid $300 over against offers of $400 over, August is bid $200 over against offers of $400 and October is bid $1600 over against no offers.

P[L1] D[0x0] M[300x250] OOP[F] ADUNIT[] T[]

SOYBEANS:

The national average soybean basis for Monday is at 67 cents over the November futures, 3 cents weaker than Friday's basis. Track PNW new-crop basis for September was unchanged at +230X and October was unchanged at +210X. CIF NOLA basis is weaker at +103Q for first-week August, while track St. Louis is 5 cents weaker at +42Q for July. Barge freight is steady but northbound barges are in demand as the southern harvest nears. The spike in water levels we saw over the weekend in St. Louis is fast fading and today the harbor is at 2.72 feet and by the middle of August, levels could go below zero gauge and safety protocols are back in place. Levels at Memphis are falling back again and expected to be below low-water stage by mid-month.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Monday is at 53 cents under the September futures, 6 cents stronger than Friday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Monday is at 49 cents under the Kansas City September futures, 1 cent stronger than Friday's basis. The KC spot market was steady with ords through 12.8% proteins at +136U and 13% through 13.8% at +130U and 14% at +120U. There is talk that more HRW moved into the Texas panhandle for feed and if that demand remains, we may have to ration it. The CIF SRW wheat market is firm and the Texas Gulf 11% protein HRW bid is also firm at +165U.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Monday is at 52 cents under the Minneapolis September futures, 1 cent weaker than Friday'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 +130N, 14% proteins were down 20 cents to down 70 cents at +110, 14.5% proteins were down 5 cents to down 50 cents at +110, 15% proteins were down 5 cents to unchanged at +110* to +200, and 16% proteins were not quoted. Wheat receipts on the exchange floor were 98 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

P[L2] D[728x90] M[320x50] OOP[F] ADUNIT[] T[]
P[R1] D[300x250] M[300x250] OOP[F] ADUNIT[] T[]
P[R2] D[300x250] M[320x50] OOP[F] ADUNIT[] T[]
DIM[1x3] LBL[] SEL[] IDX[] TMPL[standalone] T[]
P[R3] D[300x250] M[0x0] OOP[F] ADUNIT[] T[]

Mary Kennedy

Mary Kennedy
Connect with Mary: