DTN Daily Basis Comments

Wednesday Morning Basis Comments

Mary Kennedy
By  Mary Kennedy , DTN Basis Analyst
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DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was 3 cents weaker at 72 cents over the September futures contract, while the DTN National Corn Index was up 4 cents at $6.87. The national average basis for soybeans was 1 cent weaker at 58 cents over the November futures contract while the DTN National Soybean Index was up 28 cents at $14.86. The national average basis for hard red winter (HRW) wheat was 1 cent stronger at 46 cents under the September futures contract while the DTN National Hard Red Winter Wheat Index was up 4 cents at $8.05. The national average basis for hard red spring (HRS) wheat was unchanged at 50 cents under the September futures contract while the DTN National Hard Red Spring Wheat Index was up 12 cents at $8.43.

DTN Cash Change From National Contract Change from
Commodity Index Prev Day Avg. Basis Month Prev Day
Corn: $6.87 $0.04 $0.72 Sep -$0.031
Soybeans: $14.86 $0.28 $0.58 Nov -$0.012
SRW Wheat: $7.28 $0.02 -$0.53 Sep $0.007
HRW Wheat: $8.05 $0.04 -$0.46 Sep $0.004
HRS Wheat: $8.43 $0.12 -$0.50 Sep $0.002

CORN:

The national average corn basis for Tuesday is 72 cents over the September futures, 3 cents weaker than Monday's basis. Track PNW basis for November is unchanged at +160U and December is steady at +168Z. CIF NOLA for first-half August is steady at +120U, while track St. Louis is steady at +77U for first-half August. BNSF secondary shuttle freight for August is bid $150 under against offers of $50 under, and September is bid +600 over against offers of $1200 over and new-crop October is higher again, bid at $2000 over against offers of $2250 over. UP secondary freight for August is bid $200 over against no offers, September is bid $400 over against offers of $600 over and October is bid $1600 over against no offers. Old-crop corn basis is getting weaker as the flat price is on the rise again.

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SOYBEANS:

The national average soybean basis for Tuesday is at 58 cents over the November futures, 1 cent weaker than Monday's basis. More fresh export business has boosted PNW basis. Track PNW now showing basis for August at +250X, first-half September 20 cents stronger at +250X and first-half October 20 cents stronger at +230X. CIF NOLA basis for August is firm at +280X and as high as +300X. Track St. Louis is 7 cents stronger at +245X. 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 3.04 feet today and will rise to 5.8 feet early next week, giving drats a temporary reprieve until the river falls back to near zero gauge by Aug. 23 without rain.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Tuesday is at 53 cents under the September futures, 1 cent stronger than Monday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Tuesday is at 46 cents under the Kansas City September futures, 1 cent stronger than Monday's basis. The KC spot protein premiums for ords through 11.8% were unchanged at +162U and 12% through 14% were unchanged at +155U. Market was quiet elsewhere and soon we will be watching weather related to fall planting as it's not far off. The winter wheat harvest is almost completed, and it appears we will have a higher average protein than last year at 12.9% versus 11.9% last year.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Tuesday is at 50 cents under the Minneapolis September futures, unchanged from Monday'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 unchanged at +160N to +185N, 14.5% proteins were down 10 cents to unchanged at +115* to 130N, 15% proteins were down 10 cents to unchanged at +125* to +200N, and 16% proteins were not quoted. Wheat receipts on the exchange floor were 52 cars, which included two 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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Mary Kennedy

Mary Kennedy
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