DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was 1 cent stronger at 42 cents over the September futures contract, while the DTN National Corn Index was up 6 cents at $5.34. The national average basis for soybeans was 3 cents weaker at 84 cents over the November futures contract, while the DTN National Soybean Index was up 24 cents at $14.29. The national average basis for hard red winter (HRW) wheat was 1 cent weaker at 51 cents under the September futures contract, and the DTN National Hard Red Winter Wheat Index was down 8 cents at $7.61. The national average basis for hard red spring (HRS) wheat was 1 cent weaker at 45 cents under the September futures contract, while the DTN National Hard Red Spring Wheat Index was up 2 cents at $8.05.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$5.34	$0.06	$0.42	Sep	$0.010
Soybeans:	$14.29	$0.24	$0.84	Nov	-$0.033
SRW Wheat:	$5.91	-$0.04	-$0.55	Sep	-$0.005
HRW Wheat:	$7.61	-$0.08	-$0.51	Sep	-$0.005
HRS Wheat:	$8.05	$0.02	-$0.45	Sep	-$0.008

CORN:

The national average corn basis for Monday was 42 cents over the September futures, 1 cent stronger than Friday's basis. PNW basis bids showed an August bid now 5 cents stronger at +160U, while Oct/Nov/Dec are steady at +120Z, and Hereford, Texas, July bid is at +165U. CIF NOLA for August is steady at +60U and track St. Louis for August is steady at +40U. Processor bids are mixed with Cedar Rapids, Iowa, 5 cents weaker at +90U; Fort Dodge, Iowa, is steady at +95U; Council Bluffs, Iowa, is steady at +65U; Mitchell, South Dakota, is steady at +30U; Blair, Nebraska, is 3 cents stronger at +103U; Hastings, Nebraska, is 10 cents stronger at +40U; Lincoln, Nebraska, is steady at +40U; Garden City, Kansas, is 10 cents weaker at +80U; Columbus is steady at +75U, and Marshall, Minnesota, is steady at +20U. BN secondary shuttle freight for July is not bid against offers -$200 under tariff and August is bid -$400 against offers of -$200 under. UP secondary freight for returns is bid -$100 under tariff against no offers, July is bid -$200 against no offers and August is not bid against offers of -$100 under.

SOYBEANS:

The national average soybean basis for Monday was 84 cents over the November futures, 3 cents weaker than Friday's basis. PNW basis for Oct/Nov/Dec is 5 cents stronger at +125X and CIF NOLA basis for first-half July is 10 cents weaker at +100Q, while track St. Louis for first-half July is 10 cents weaker at +65Q. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 15 cents weaker at +75Q and on the Mississippi River in St. Paul, Minnesota, basis is steady at +25Q; while basis on the Illinois River at Havana, Illinois, is 15 cents weaker at +47Q. The Lower Mississippi River received rain, which gave a boost to the Mississippi River at Memphis. Currently, Memphis gauge is at plus 1.31 feet, but unless steady rains appear, it is forecast to drop below zero gauge by July 12 and fall further. See my blog for further details: https://www.dtnpf.com/… Processor bids are steady with processors all moved to the November (X) futures. Council Bluffs, Iowa, is 5 cents weaker at +135X; Cedar Rapids, Iowa, is 15 cents stronger at +135X; Sioux City is at +100X; Volga, South Dakota, is at +10X; Hastings, Nebraska, is at +90X; Lincoln, Nebraska, is at +135X; Aberdeen, South Dakota, is steady at -10X; Mitchell, South Dakota, is steady at +40X; and Mankato, Minnesota, is 25 cents weaker at +100X.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Monday was 55 cents under the September futures, 1 cent weaker than Friday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Monday was 51 cents under the Kansas City September futures, 1 cent weaker than Friday's basis. The KC spot milling cash premiums were lower again as new-crop wheat continues to move up for sale and is pressuring premiums. Ordinary protein through 11.4% protein was down 10 cents at +125; 11.6% to 11.8% was down 10 cents at +125; 12% through 12.8% was down 10 cents at +125 and 13% protein through 14% was unchanged at +105. Constant rain in the Southern Plains has harvest behind average and talk is that test weight issues are beginning to show up and uncertainty remains as to overall quality.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Monday was 45 cents under the Minneapolis September futures, 1 cent weaker than Friday's basis. The Minneapolis spot spring wheat cash premiums closed as follows, based on Minneapolis September futures: 12% proteins were not quoted, 13% proteins were not quoted; 13.5% proteins were down 10 cents at 165; 14% proteins were down 5 cents to down 10 at +185; 14.5% proteins were up 5 cents at +185; 15% proteins were down 15 cents to down 30 cents at +185 and 16% proteins were not quoted. Wheat receipts on the exchange floor were 80 cars, which include done 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

(c) Copyright 2023 DTN, LLC. All rights reserved.