DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was 1 cent stronger at 21 cents under the May futures contract and the DTN National Corn Index was up 4 cents at $4.14. The national average basis for soybeans was 1 cent stronger at 55 cents under the May futures contract, while the DTN National Soybean Index was down 2 cents at $11.25. The national average basis for hard red winter (HRW) wheat was 1 cent weaker at 48 cents under the May futures contract, while the DTN National Hard Red Winter Wheat Index was down 3 cents at $5.30. The national average basis for hard red spring (HRS) wheat was steady at 21 cents under the May futures contract, while the DTN National Hard Red Spring Wheat Index was up 7 cents at $6.26.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.14	$0.04	-$0.21	May	$0.007
Soybeans:	$11.25	-$0.02	-$0.55	May	$0.001
SRW Wheat:	$5.02	$0.00	-$0.55	May	-$0.005
HRW Wheat:	$5.30	-$0.03	-$0.48	May	-$0.004
HRS Wheat:	$6.26	$0.07	-$0.21	May	$0.001

CORN:

The national average corn basis for Thursday was 21 cents under the May futures, 1 cent stronger than Wednesday's basis. PNW basis for April is steady at +140K and Hereford, Texas, is 5 cents weaker at +115K for April. CIF NOLA for April is steady at +47K and track St. Louis for April is steady at +19K. Processors are mixed with Cedar Rapids, Iowa, steady at +24K; Fort Dodge, Iowa, is steady at +10K; Council Bluffs, Iowa, is steady at +12K; Decatur, Illinois, is steady at +2K; Mitchell, South Dakota, is steady at -32K; Blair, Nebraska, is steady at +18K; Hastings, Nebraska, is 3 cents weaker at -12K; Lincoln, Nebraska, is steady at -12K; Garden City, Kansas, is steady at +15K; Columbus, Nebraska, is steady at +18K; and Marshall, Minnesota, is 5 cents stronger at -10K.

SOYBEANS:

The national average soybean basis for Thursday was 55 cents under the May futures, 1 cent stronger than Wednesday's basis. PNW for new crop is 5 cents stronger at +125X, while CIF NOLA basis for April is steady at +52K and track St. Louis for April is steady at +20K. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is steady at +10K and St. Paul, Minnesota, is steady at +23K. Basis on the Illinois River at Havana, Illinois, is steady at -12K. Processors are unchanged with Council Bluffs, Iowa, steady at -15K; Cedar Rapids, Iowa, is steady at -5K; Sioux City is steady at -20K; Decatur, Illinois, is steady at +7K; Volga, South Dakota, is steady at -42K; Spiritwood, North Dakota, is steady at -42K; Hastings, Nebraska, is steady at -85K; Lincoln, Nebraska, is steady at -20K; Aberdeen, South Dakota, is steady at -85K; Mitchell, South Dakota, is steady at -94K; and Mankato, Minnesota, is steady at -10K. BN secondary shuttle freight for returns is bid plus $100 over against offers of $400 over and first-half April is bid plus $100 over against offers of plus $400 over and last half April is bid even money to tariff against offers of plus $200 over. UP secondary freight for returns is not bid against offers of even money and first half April is bid minus $100 under against offers of even money.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Thursday was 55 cents under the May futures, 1 cent weaker than Wednesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Thursday was 48 cents under the Kansas City May futures, 1 cent weaker than Wednesday's basis. The KC spot milling cash premiums were steady with ordinary protein was steady at +130;11% through 11.8 is steady at +130; 12% through 12.2% was steady at +140; 12.4% through 12.6% was steady at +145; 12.8% through 14% protein was steady at +150. Offers for 11% protein at the Texas Gulf are steady at +155 and PNW 11.5% is steady at +140, while the track Gulf basis bid for March is steady at +150 and no bump for higher protein. On the export front, Japan bought 113,000 metric tons of milling wheat, with 57,000 mt U.S DNS/WW combo; Tunisia was reported to have purchased 225,000 mt of 11.5% milling wheat for May shipment and 50,000 mt of durum.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Thursday was 21 cents under the Minneapolis May futures unchanged from Wednesday's basis. The Minneapolis spot spring wheat cash premiums closed as follows, based on Minneapolis May futures: 12% proteins were not quoted; 13% proteins were unchanged at +110N; 13.5% proteins were unchanged at +110N; 14% proteins were down 5 cents to unchanged at +120 to +170; 14.5% proteins were not quoted; 15% proteins were unchanged at +205N to +240 and 16 proteins were not quoted. Wheat receipts on the exchange floor were 28 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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