DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was 2 cents weaker at 33 cents over the July futures contract, and the DTN National Corn Index was up 14 cents at $6.42. The national average basis for soybeans was 7 cents weaker at 35 cents under the July futures contract, while the DTN National Soybean Index was up 16 cents at $13.18. The national average basis for hard red winter (HRW) wheat was 1 cent weaker at 36 cents under the July futures contract, and the DTN National Hard Red Winter Wheat Index was up 8 cents at $7.76. The national average basis for hard red spring (HRS) wheat was 9 cents stronger at 36 cents under the July futures contract, while the DTN National Hard Red Spring Wheat Index was up 28 cents at $7.72.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$6.42	$0.14	$0.33	Jul	-$0.021
Soybeans:	$13.18	$0.16	-$0.35	Jul	-$0.066
SRW Wheat:	$5.78	$0.11	-$0.41	Jul	$0.023
HRW Wheat:	$7.76	$0.08	-$0.36	Jul	-$0.014
HRS Wheat:	$7.72	$0.28	-$0.36	Jul	$0.096

CORN:

The national average corn basis for Friday was 33 cents over the July futures, 2 cents weaker than Thursday's basis. PNW basis bids have disappeared until October at +125Z, while Hereford, Texas, has no bid for June and July is steady at +155N. CIF NOLA for June is steady at +65N. Track St. Louis for June is steady at +55N. Processor bids are mixed with Cedar Rapids, Iowa, steady at +55N; Fort Dodge, Iowa, is steady at +80N; Council Bluffs, Iowa, is 8 cents weaker at +55N; Mitchell, South Dakota, is steady at +55N; Blair, Nebraska, is 10 cents weaker at +60N; Hastings, Nebraska is 5 cents weaker at +20N; Lincoln, Nebraska is 10 cents weaker at +35N; Garden City, Kansas, is 20 cents weaker at +115N; Columbus is 5 cents weaker at +45N for first week of June and Marshall, Minnesota, is steady at +35N. BN secondary freight for returns is not bid against offers of -$300 under, June is bid -$350 under against offers of -$250 and July is bid -$300 under against offers of -$200 under. UP returns are not bid against offers of -$300 under, June is bid -$500 under against offers of -$275 under and July is not bid against offers of -$200 under.

SOYBEANS:

The national average soybean basis for Friday was 35 cents under the July futures, 7 cents weaker than Thursday's basis. PNW basis for last-half September and October is steady at +165X. CIF NOLA basis for June is steady at +85N, while track St. Louis is steady for June at +52N. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is steady at +60N; while basis on the Illinois River at Havana, Illinois, is 1 cent weaker at +44N. Barge freight is stagnant as no trades are being reported with a lack of demand. Water levels in the Lower Mississippi are falling, with the levels at Memphis expected to be below zero gauge by the weekend. Processor bids are steady with some moving to the 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 +15Q; Mitchell, South Dakota, is steady at -35Q; and Mankato, Minnesota, is steady at +25N.

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 36 cents under the Kansas City July futures, 1 cent weaker than Thursday's basis. The KC spot cash premiums were steady with nothing reported. Ordinary protein was steady at +175, 11% protein through 11.2% was steady at +175; 11.4% through 12.4% was steady at +175; 12.6% through 13.2% protein was steady at +175, 13.4% through 13.6% was steady at +175 and 13.8% through 14% was steady at +155. Saudi Arabia is bought 624,000 metric tons (mt) of milling wheat that is said to have been mostly Black Sea, aka, Russian wheat.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Friday was 36 cents under the Minneapolis July futures, 9 cents 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 at +135N; 14% proteins were unchanged at +145N to +200; 14.5% proteins were not quoted; 15% proteins were down unchanged at +150N to +240; and 16% proteins were not quoted. Wheat receipts on the exchange floor were 26 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

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