DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was unchanged at 44 cents over the September futures contract, while the DTN National Corn Index was up 17 cents at $5.89. The national average basis for soybeans was 15 cents weaker at 38 cents over the November futures contract, while the DTN National Soybean Index was down 2 cents at $14.47. The national average basis for hard red winter (HRW) wheat was 3 cents weaker at 54 cents under the September futures contract, and the DTN National Hard Red Winter Wheat Index was up 37 cents at $8.13. The national average basis for hard red spring (HRS) wheat was 5 cents weaker at 53 cents under the September futures contract, while the DTN National Hard Red Spring Wheat Index was up 14 cents at $8.44.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$5.89	$0.17	$0.44	Sep	-$0.001
Soybeans:	$14.47	-$0.02	$0.38	Nov	-$0.154
SRW Wheat:	$6.67	$0.54	-$0.60	Sep	-$0.031
HRW Wheat:	$8.13	$0.37	-$0.54	Sep	-$0.025
HRS Wheat:	$8.44	$0.14	-$0.53	Sep	-$0.056

CORN:

The national average corn basis for Wednesday was 44 cents over the September futures, unchanged from Tuesday's basis. PNW August bid is gone, with next bid nit until Dec is at +120Z, and Hereford, Texas, August bid is steady at +180U, while +120Z is bid for Oct/Nov/Dec. CIF NOLA for July is 17 cents weaker at +105U and August is steady at +65U and track St. Louis for July is 8 cents weaker at +77U and August is steady at +45U. Processor bids are mixed with Cedar Rapids, Iowa, 13 cents weaker at +90U; Fort Dodge, Iowa, is steady at +110U; Council Bluffs, Iowa, is steady at +70U; Mitchell, South Dakota, is 5 cents weaker at +25U; Blair, Nebraska, steady at +90U; Hastings, Nebraska, steady at +50U; Lincoln, Nebraska, is steady weaker at +45U; Garden City, Kansas, is steady at +90U; Columbus is steady at +105U, and Marshall, Minnesota, is steady at +15U. BN secondary freight for returns is not bid or offered, July is bid +$50 over tariff against no offers and August is bid -$100 under against offers of even money to tariff. UP secondary freight for returns is not bid or offered, July is bid even money against no offers and August is bid -$250 against offers of -$100 under tariff.

SOYBEANS:

The national average soybean basis for Wednesday was 38 cents over the November futures, 15 cents weaker than Tuesday's basis. PNW basis for last half September and Oct/Nov/Dec is steady at +135X and CIF NOLA basis for July is steady at +85Q, while track St. Louis for July is steady at +20Q and first-half August is steady at +14Q. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 5 cents weaker at +25Q and on the Mississippi River in St. Paul, Minnesota, basis is steady at -15Q; while basis on the Illinois River at Havana, Illinois, is 3 cents weaker at +7Q. The Mississippi River at Memphis is currently at minus 3.5 feet, and it is forecast to rise to plus 2.1 feet by July 24 and then drop below zero gauge by July 28 without any substantial rain. Processor bids are mixed with Council Bluffs, Iowa, 15 cents weaker at +75X; Cedar Rapids, Iowa, is 20 cents weaker at +85X; Sioux City is 25 cents weaker at +40; Volga, South Dakota, is steady at option the November; Hastings, Nebraska, is 10 cents weaker at +40X; Lincoln, Nebraska, is 25 cents weaker at +60X; Aberdeen, South Dakota, is steady at -25X; Mitchell, South Dakota, is 30 cents weaker at option the November; and Mankato, Minnesota, is 10 cents weaker at +35X.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Wednesday was 60 cents under the September futures, 3 cents weaker than Tuesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Wednesday was 54 cents under the Kansas City September futures, 3 cents weaker than Tuesday's basis. The KC spot milling cash premiums were steady, while farmer selling at elevators was brisk given the sharp rise in the flat price. Ordinary protein was steady at +100, 11% was steady at +130, 11.2% was steady at +130, 11.4% protein through 11.8% was steady at +130; 12% through 12.4% was up steady at +137 and 12.6% protein through 14% was steady at +137. The situation at Odessa remains bleak as Russia continued bombing the port infrastructure for the third day in a row, rendering it nearly useless.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Wednesday was 53 cents under the Minneapolis September futures, 5 cents weaker than Tuesday'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 at +110*; 14% proteins were down 45 cents to down 15 cents at +100 to +130A; 14.5% proteins were not quoted; 15% proteins were +95B* to +110B and 16% proteins were +100. Wheat receipts on the exchange floor were 71 cars, which included two 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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