DAILY BASIS AND CASH INDEX SUMMARY:
The national average basis for corn was 1 cent stronger at 35 cents over the July futures contract, and the DTN National Corn Index was up 14 cents at $6.39. The national average basis for soybeans was 1 cent weaker at 24 cents under the July futures contract, while the DTN National Soybean Index was up 13 cent at $13.13. 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 up 2 cents at $7.88. The national average basis for hard red spring (HRS) wheat was 1 cent stronger at 32 cents under the July futures contract, while the DTN National Hard Red Spring Wheat Index was up 6 cents at $7.73.
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The national average corn basis for Friday was 35 cents over the July futures, 1 cent stronger than Thursday's basis. PNW basis bid for June is steady at +165N, while Hereford, Texas, for June is steady at +155N. CIF NOLA for June is steady at +78N. Track St. Louis for June is 2 cents stronger at +50N. Processor bids are mixed with Cedar Rapids, Iowa, steady at +65N; Fort Dodge, Iowa, is steady at +77N; Council Bluffs, Iowa, is 5 cents weaker at +63N; Mitchell, South Dakota, is steady at +55N; Blair, Nebraska, is steady at +80N; Garden City, Kansas, is steady at +135N; Columbus is steady at +85N for first week of June and Marshall, Minnesota, is steady at +35N. BN and UP secondary shuttle freight was not well defined Friday afternoon. Saw no bids for June, July, and August with offers from -$200 under to -$300 under.
The national average soybean basis for Friday was 24 cents under the July futures, 1 cent weaker than Thursday's basis. PNW basis for the last-half September and October is steady at +160X. CIF NOLA basis for June is steady at +68N, while track St. Louis is steady for June at +43N. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 10 cents stronger at +60N; while basis on the Illinois River at Havana, Illinois, is 6 cents stronger at +41N. Barge freight hasn't moved hardly at all and shippers that need freight already have it. The 2023, 120-day Illinois River lock closures are starting on June 1: https://www.dtnpf.com/… Processor bids are steady with some moving to the September and/or August futures. Council Bluffs, Iowa, is 10 cents weaker at +25N; Cedar Rapids, Iowa, is steady at +5N; Sioux City is steady at +15N; Volga, South Dakota, is steady at +70Q; Hastings, Nebraska, is steady at option the August; Lincoln, Nebraska, is steady at +70Q, Aberdeen, South Dakota, is steady at +20Q; 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 42 cents under the July futures, unchanged from 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 mixed with ordinary protein unchanged at +140, 11% protein through 11.2% down 10 cents at +145; 11.4% through 11.6% down 2 cents at +155; 11.8% through 13.2% protein is steady at +160 and 13.4% through 14% down 5 cents at +145. The mills are looking ahead to new crop right now and concern remains that the late rains could cause quality issues.
HARD RED SPRING WHEAT:
The national average HRS wheat basis for Friday was 32 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 not quoted; 14% proteins were up 35 cents to unchanged at +160 to +200; 14.5% proteins were unchanged at +130N; 15% proteins were up 20 cents to unchanged at +220 to +240; and 16% proteins were not quoted. Wheat receipts on the exchange floor were 10 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.
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