DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was unchanged at 34 cents over the July futures contract, and the DTN National Corn Index was down 1 cent at $5.88. The national average basis for soybeans was steady at 20 cents under the July futures contract, while the DTN National Soybean Index was down 26 cents at $12.87. The national average basis for hard red winter (HRW) wheat was unchanged at 32 cents under the July futures contract, and the DTN National Hard Red Winter Wheat Index was down 33 cents at $7.92. The national average basis for hard red spring (HRS) wheat was 1 cent stronger at 31 cents under the July futures contract, while the DTN National Hard Red Spring Wheat Index was down 24 cents at $7.73.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$5.88	-$0.01	$0.34	Jul	$0.000
Soybeans:	$12.87	-$0.26	-$0.20	Jul	-$0.005
SRW Wheat:	$5.64	-$0.05	-$0.41	Jul	$0.014
HRW Wheat:	$7.92	-$0.33	-$0.32	Jul	$0.002
HRS Wheat:	$7.73	-$0.24	-$0.31	Jul	$0.008

CORN:

The national average corn basis for Friday was 34 cents over the July futures, unchanged from Thursday's basis. PNW basis bid for May is steady at +167N and June is steady at +165N, while Hereford, Texas, for June is steady at +165N. CIF NOLA for May is steady at +70N and June is steady at +60N. Track St. Louis for May is 11 cents stronger at 34, while June is steady at +36N. Processor bids are mixed with Cedar Rapids, Iowa, steady at option the July; Fort Dodge, Iowa, steady at +75N; Council Bluffs, Iowa, is steady at +70N; Mitchell, South Dakota, is steady at +53N; Blair, Nebraska, is steady at +85N; Garden City, Kansas, is steady at +135N; Columbus is 10 cents stronger at +90N and Marshall, Minnesota, is steady at +40N. BN secondary shuttle freight for returns is not bid or offered, May is not bid under against offers of -$150 under and June is bid -$300 under against offers of -$200 and July is not bid against offers of -$200 under. UP secondary freight for returns is bid -$350 under against no offers, May is bid -$400 against offers of -$200 under and June bid -$400 under against offers of at -$200 under and July is not bid against offers of -$200 under.

SOYBEANS:

The national average soybean basis for Friday was 20 cents under the July futures, unchanged from Thursday's basis. PNW basis for last-half September and October is steady at +160X. CIF NOLA basis for May is steady at +80N and June is at +76N, while track St. Louis is 1 cent stronger at +46N for May and 1 cent weaker for June at +44N. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is steady at +40N; while basis on the Illinois River at Havana, Illinois, is 1 cent weaker at +29N. Barge freight was lower again Friday as demand remains weak. The 2023, 120 day Illinois River lock closures is starting on June 1: https://www.dtnpf.com/… Processor bids are steady with some moving to the Sept and/or August futures. Council Bluffs, Iowa, steady at +35N; Cedar Rapids, Iowa, is steady at +5N; Sioux City is steady at option the July; Volga, South Dakota, is steady at +22N; Hastings, Nebraska, is steady at option the August; Lincoln, Nebraska, is steady at +35N, Aberdeen, South Dakota, is steady at +25u; Mitchell, South Dakota, is steady at -38N; and Mankato, Minnesota, is steady at +30N.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Friday was 41 cents under the July futures, 2 cents stronger than Thursday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Friday was 32 cents under the Kansas City July futures, unchanged from Thursday's basis. The KC spot cash premiums were unchanged except ordinary protein through 11.2% protein was 2 cents strong at +157; 11.4% through 11.6% is steady at +157; and 11.8% through 13% protein are steady at +160. Gulf track basis for ordinary protein is steady at +145 with no premium for 11% and a 2-cent premium for 12%. Texas Gulf basis for 11% is steady at +170 and PNW basis for 11.5% is steady at +105.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Friday was 31 cents under the Minneapolis July futures, 1 cent stronger than Thursday's basis. The Minneapolis spot spring wheat cash premiums closed as follows, based on Minneapolis July futures: 12% proteins were not quoted, 13% proteins were not quoted; 13.5% proteins were unchanged to up 10 cents at +120N to +150; 14% proteins were up 5 cents to unchanged at +185 to +200; 14.5% proteins were not quoted; 15% proteins were unchanged at +220 to +240; and 16% proteins were not quoted. Wheat receipts on the exchange floor were 25 cars, which included zero train(s).* Bid (B), Ask(A), Nominal(N). MGEX Daily Grain Prices are Delivered Chicago/Beyond freight: 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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