DTN Daily Basis Comments

Thursday Morning Basis Comments

Mary Kennedy
By  Mary Kennedy , DTN Basis Analyst
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DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was 3 cents weaker at 28 cents over the July futures contract, and the DTN National Corn Index was down 7 cents at $6.33. The national average basis for soybeans was 4 cents weaker at 37 cents under the July futures contract, while the DTN National Soybean Index was up 3 cents at $13.23. The national average basis for hard red winter (HRW) wheat was 1 cent weaker at 38 cents under the July futures contract, and the DTN National Hard Red Winter Wheat Index was down 33 cents at $7.50. The national average basis for hard red spring (HRS) wheat was 1 cent stronger at 34 cents under the July futures contract, while the DTN National Hard Red Spring Wheat Index was down 22 cents at $7.60.

DTN Cash Change From National Contract Change from
Commodity Index Prev Day Avg. Basis Month Prev Day
Corn: $6.33 -$0.07 $0.28 Jul -$0.029
Soybeans: $13.23 $0.03 -$0.37 Jul -$0.046
SRW Wheat: $5.76 -$0.11 -$0.40 Jul $0.001
HRW Wheat: $7.50 -$0.33 -$0.38 Jul -$0.007
HRS Wheat: $7.60 -$0.22 -$0.34 Jul $0.006

CORN:

The national average corn basis for Wednesday was 28 cents over the July futures, 3 cents weaker than Tuesday's basis. PNW basis bids for October are steady at +125Z, while Hereford, Texas, has no bid until October at +125Z. CIF NOLA for June is steady at +71N. Track St. Louis for June is steady at +45N. Processor bids mostly lower and some plants have moved to September. Cedar Rapids, Iowa, is at +122U; Fort Dodge, Iowa, is 7 cents weaker at +73N; Council Bluffs, Iowa, is 2 cents weaker at +53N; Mitchell, South Dakota, is 5 cents weaker at +50N; Blair, Nebraska, is at +110U; Hastings, Nebraska, is steady at +20N; Lincoln, Nebraska, is at +95U; Garden City, Kansas, is 20 cents weaker at +95N; Columbus is at +100U for June and Marshall, Minnesota, is 7 cents weaker at +28N.

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SOYBEANS:

The national average soybean basis for Wednesday was 37 cents under the July futures, 4 cent weaker than Tuesday's basis. PNW basis for last-half September and October is 5 cents weaker at +160X. CIF NOLA basis for June is 5 cents weaker at +80N, while track St. Louis for June is at +55N. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is +152Q; while basis on the Illinois River at Havana, Illinois, is 6 cents weaker at +33N. Barge freight saw interest at St. Louis and Cairo, while water levels in the Lower Mississippi are falling, with the levels at Memphis expected to be below zero gauge by the weekend and tow sizes and drafts will likely be reduced. Processor bids are mixed with more moving to the August futures. Council Bluffs, Iowa, is +85Q; Cedar Rapids, Iowa, is 5 cents weaker at +80Q; Sioux City is at +75Q; Volga, South Dakota, is 5 cents weaker at +60Q; 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 Wednesday was 40 cents under the July futures, 1 cent stronger than Tuesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Wednesday was 38 cents under the Kansas City July futures, 1 cent weaker than Tuesday's basis. The KC spot cash premiums remain under pressure ahead of harvest. Ordinary protein was steady at +140, 11% protein through 11.2% was steady at +140; 11.4% through 12.4% was steady at +140; 12.6% through 13.4% protein was steady at +140, 13.6% was steady at +140 and 13.8% through 14% was steady at +140. Taiwan is tendering for 56,000 metric tons (mt) of U.S. milling wheat and Egypt bought 55,000 mt of cheap Russian wheat.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Wednesday was 34 cents under the Minneapolis July futures, 1 cent stronger than Tuesday'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 unchanged at +130N; 13.5% proteins were unchanged at 135N; 14% proteins were down 15 cents at +200; 14.5% proteins were up 20 cents at +150; 15% proteins were up 5 cents to unchanged at +145N to +230 and 16% proteins were not quoted. Wheat receipts on the exchange floor were 44 cars, which included one 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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Mary Kennedy

Mary Kennedy
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