DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was 4 cents weaker at 68 cents over the September futures contract, while the DTN National Corn Index was up 2 cents at $6.89. The national average basis for soybeans was 2 cents weaker at 56 cents over the November futures contract while the DTN National Soybean Index was down 2 cents at $14.84. 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 up 21 cents at $8.26. 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 13 cents at $8.56.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$6.89	$0.02	$0.68	Sep	-$0.041
Soybeans:	$14.84	-$0.02	$0.56	Nov	-$0.013
SRW Wheat:	$7.46	$0.18	-$0.53	Sep	-$0.003
HRW Wheat:	$8.26	$0.21	-$0.47	Sep	-$0.002
HRS Wheat:	$8.56	$0.13	-$0.50	Sep	$0.000

CORN:

The national average corn basis for Wednesday is 68 cents over the September futures, 4 cents weaker than Tuesday's basis. Track PNW basis for November is steady at +160U and December is steady at +168Z. CIF NOLA for first-half August is steady at +130U, while track St. Louis is 2 cents stronger at +79U 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 $2500 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 fading fast at ethanol plants with central Iowa 20 cents weaker, east-central Iowa and east-central Nebraska 15 cents weaker, south-central Nebraska and southwest Kansas 10 cents weaker, and southern Minnesota 20 cents weaker.

SOYBEANS:

The national average soybean basis for Wednesday is at 56 cents over the November futures, 2 cents weaker than Tuesday's basis. Track PNW basis for August is steady at +250X, first-half September at +250X and first-half October is steady at +230X. CIF NOLA basis for August is firm at +275X and track St. Louis is 12 cents stronger at +257X. Barge freight is starting to see some action in the deferred months, but still quiet nearby. Rivers throughout the system remain relatively low due to dry conditions and barge draft and tow size restrictions have been implemented but conditions continue to fluctuate in areas that are seeing some rain. Dredges are out in areas of the Lower Mississippi where shoaling is occurring, which could slow traffic during daylight hours.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Wednesday is at 53 cents under the September futures, unchanged from Tuesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Wednesday is at 47 cents under the Kansas City September futures, 1 cent weaker than Tuesday's basis. The KC spot protein premiums for ords through 11.8% were up 3 cents at +165U and 12% through 14% were up 6 cents at +161U. Market was quiet elsewhere with few fresh export tenders. Egypt's supply minister said the country has strategic wheat reserves that are "sufficient for more than seven months" and it seems when he says that a fresh tender is not far off.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Wednesday is at 50 cents under the Minneapolis September futures, unchanged from 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 not quoted, 13.5% proteins were not quoted, 14% proteins were down 35 cents to down 5 cents at +125 to +180, 14.5% proteins were up 10 cents to down 5 cents at +125, 15% proteins were down 5 cents to unchanged at +120 to +200N, and 16% proteins were not quoted. Wheat receipts on the exchange floor were 46 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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