DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was 4 cents weaker at 64 cents over the September futures contract, while the DTN National Corn Index was up 4 cents at $6.93. The national average basis for soybeans was 2 cents weaker at 54 cents over the November futures contract while the DTN National Soybean Index was up 19 cents at $15.03. 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 17 cents at $8.43. 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 16 cents at $8.72.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$6.93	$0.04	$0.64	Sep	-$0.040
Soybeans:	$15.03	$0.19	$0.54	Nov	-$0.020
SRW Wheat:	$7.55	$0.08	-$0.56	Sep	-$0.026
HRW Wheat:	$8.43	$0.17	-$0.46	Sep	$0.005
HRS Wheat:	$8.72	$0.16	-$0.50	Sep	$0.003

CORN:

The national average corn basis for Thursday is 64 cents over the September futures, 4 cents weaker than Wednesday's basis. Track PNW basis for November is steady at +160U and December is steady at +168Z. CIF NOLA for first-half August is 10 cents weaker at +120U, while track St. Louis is unchanged 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 bid at $2000 over against offers of $2500 over. Old-crop corn basis continues to fall with southeastern Nebraska 15 cents weaker, east-central Nebraska 5 cents weaker, north-central Nebraska 10 cents weaker, southern Minnesota 25 cents weaker, southeast South Dakota 15 cents weaker and west-central Illinois 10 cents weaker.

SOYBEANS:

The national average soybean basis for Thursday is at 54 cents over the November futures, 2 cents weaker than Wednesday'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 at +257X. River basis is firming up and there is talk of plenty of barges on station and shippers hanging on to them to be ready for new crop. The cost of demurrage is likely cheaper than the higher new-crop barge freight and the availability at harvest time. Processor basis has perked up a little given the strong crush margins recently.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Thursday is at 56 cents under the September futures, 3 cents weaker than Wednesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Thursday is at 46 cents under the Kansas City September futures, 1 cent stronger than Wednesday's basis. The KC spot protein premiums for ords through 11.8% were unchanged at +165U and 12% through 14% were unchanged at +161U. Market was quiet elsewhere with few fresh export tenders, but a CCC tender is expected out which could strengthen Gulf values.

HARD RED SPRING WHEAT:

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