DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was 1 cent weaker at 34 cents over the July futures contract, and the DTN National Corn Index was down 10 cents at $6.28. The national average basis for soybeans was steady at 24 cents under the July futures contract, while the DTN National Soybean Index was down 41 cents at $12.72. The national average basis for hard red winter (HRW) wheat was 1 cent weaker at 33 cents under the July futures contract, and the DTN National Hard Red Winter Wheat Index was down 37 cents at $7.51. The national average basis for hard red spring (HRS) wheat was steady at 32 cents under the July futures contract, while the DTN National Hard Red Spring Wheat Index was down 25 cents at $7.61.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$6.28	-$0.10	$0.34	Jul	-$0.003
Soybeans:	$12.72	-$0.41	-$0.24	Jul	$0.001
SRW Wheat:	$5.49	-$0.25	-$0.42	Jul	-$0.001
HRW Wheat:	$7.51	-$0.37	-$0.33	Jul	-$0.012
HRS Wheat:	$7.61	-$0.25	-$0.32	Jul	-$0.001

CORN:

The national average corn basis for Tuesday was 34 cents over the July futures, 1 cent weaker than Friday's basis. PNW basis bid for June is 5 cents weaker at +160N, while Hereford, Texas, for June is steady at +155N. CIF NOLA for June is 3 cents weaker at +75N. Track St. Louis for June is 2 cents stronger at +52N. Processor bids are mixed with Cedar Rapids, Iowa, steady at +65N; Fort Dodge, Iowa, is steady at +77N; Council Bluffs, Iowa, is steady 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 secondary freight for returns is not bid or offered, June is bid -$300 under against offers of -$225 and July is bid -$300 under against offers of -$200 under. Up returns are not bid against offers of -$225 under, June is not bid against offers of -$225 under and July is not bid against offers of -$200 under.

SOYBEANS:

The national average soybean basis for Tuesday was 24 cents under the July futures, unchanged from Friday's basis. PNW basis for the last-half September and October is 5 cents stronger at +165X. CIF NOLA basis for June is stronger at +85N, while track St. Louis is 9 cents stronger for June at +52N. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 2 cents stronger at +63N; while basis on the Illinois River at Havana, Illinois, is 2 cents stronger at +43N. Barge freight is still stagnant nearby 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 +85Q; 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 Tuesday was 42 cents under the July futures, unchanged from Friday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Tuesday was 33 cents under the Kansas City July futures, 1 cent weaker than Friday's basis. The KC spot cash premiums saw some action finally with ordinary protein unchanged at +140, 11% protein through 11.2% down 10 cents at +145; 11.4% through 11.6% up 15 cents at +170; 11.8% through 13.2% protein up 10 cents at +170 and 13.4% through 14% down 5 cents at +145. The mills covering nearby needs as uncertainty still surrounds the quality and quantity of new-crop bushels.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Tuesday was 32 cents under the Minneapolis July futures, unchanged from Friday'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 down 25 cents to unchanged at +135 to +200; 14.5% proteins were unchanged at +130N; 15% proteins were unchanged at +220N 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.

Mary Kennedy can be reached at mary.kennedy@dtn.com

Follow her on Twitter @MaryCKenn

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