DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was 2 cents weaker at 75 cents over the September futures contract, while the DTN National Corn Index was down 3 cents at $6.84. The national average basis for soybeans was 1 cent stronger at 59 cents over the November futures contract while the DTN National Soybean Index was down 8 cents at $14.59. The national average basis for hard red winter (HRW) wheat was 1 cent weaker at 47 cents under the September futures contract while the DTN National Hard Red Winter Wheat Index was down 1 cent at $8.01. The national average basis for hard red spring (HRS) wheat was 1 cent weaker at 50 cents under the September futures contract while the DTN National Hard Red Spring Wheat Index was down 7 cents at $8.31.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$6.84	-$0.03	$0.75	Sep	-$0.017
Soybeans:	$14.59	-$0.08	$0.59	Nov	$0.005
SRW Wheat:	$7.26	$0.06	-$0.54	Sep	$0.019
HRW Wheat:	$8.01	-$0.01	-$0.47	Sep	-$0.004
HRS Wheat:	$8.31	-$0.07	-$0.50	Sep	-$0.015

CORN:

The national average corn basis for Monday is 75 cents over the September futures, 2 cents weaker than Friday's basis. Track PNW basis for November is unchanged at +160U and December is steady at +168Z. CIF NOLA for first-half August is at +120U, while track St. Louis is steady at +76U for first-half August. BNSF secondary shuttle freight for August is bid $150 under against offers of $50 under, and September is still bid +500 over against offers of $1200 over and new-crop October is higher bid at $1750 over against offers of $2000 over. UP secondary freight for August is bid $100 over against offers of $600 over, September is bid $400 over against offers of $800 over and October is bid $1600 over against no offers. Old crop corn basis is steady to feeling a little weaker, with no real sign of big pushes posted.

SOYBEANS:

The national average soybean basis for Monday is at 59 cents over the November futures, 1 cent stronger than Friday's basis. Track PNW new-crop basis for September was unchanged at +230X and October was unchanged at +210X. CIF NOLA basis for August is showing a bid from one exporter at +280X and another at +300X. Track St. Louis is showing a bid of +238X for first 10 days August. Barge freight is still lower as there seems to be plenty of empties available for now, and the Mississippi River at St. Louis is at 2.34 feet today and will rise to 4.7 feet early next week which could give drats a temporary reprieve until the river falls back to 1 foot by August 22 without rain.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Monday is at 54 cents under the September futures, 2 cents stronger than Friday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Monday is at 47 cents under the Kansas City September futures, 1 cent weaker than Friday's basis. Mills showed up with their checkbooks again Monday and this time paying up for higher protein that showed for sale. The KC spot protein premiums for ords through 11.8% were unchanged at +162U and 12% through 14% were up 19 cents at +155U. The 11% protein bid at the Texas Gulf is steady at +165 and the PNW bid for milling 11.5% is steady at +200U.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Monday is at 50 cents under the Minneapolis September futures, 1 cents 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 not quoted, 14% proteins were up 10 unchanged at +160N to +185, 14.5% proteins were unchanged at +125N to 130N, 15% proteins were unchanged at +135N to +200, and 16% proteins were not quoted. Wheat receipts on the exchange floor were 36 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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