DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was 1 cent stronger at 18 cents under the May futures contract while the DTN National Corn Index was unchanged cents at $4.13. The national average basis for soybeans was steady at 55 cents under the May futures contract, while the DTN National Soybean Index was down 13 cents at $10.90. The national average basis for hard red winter (HRW) wheat was steady at 48 cents under the May futures contract, while the DTN National Hard Red Winter Wheat Index was up 3 cents at $5.39. The national average basis for hard red spring (HRS) wheat was steady at 23 cents under the May futures contract, while the DTN National Hard Red Spring Wheat Index was up 1 cent at $6.15.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.13	$0.00	-$0.18	May	$0.008
Soybeans:	$10.90	-$0.13	-$0.55	May	$0.003
SRW Wheat:	$4.96	-$0.02	-$0.54	May	-$0.001
HRW Wheat:	$5.39	$0.03	-$0.48	May	-$0.008
HRS Wheat:	$6.15	$0.01	-$0.23	May	-$0.003

CORN:

The national average corn basis for Tuesday was 18 cents under the May futures, 1 sent stronger than Monday's basis. PNW basis for April is steady at +142K and Hereford, Texas, is steady at +125K for April. CIF NOLA for April is 5 cents weaker at +45K and track St. Louis for April is 3 cents weaker at +20K. Processors are mixed with Cedar Rapids, Iowa, 2 cents stronger at +22K; Fort Dodge, Iowa, is 3 cents weaker at +11K; Council Bluffs, Iowa, is 2 cents weaker at +18K; Decatur, Illinois, is steady at +2K; Mitchell, South Dakota, is 2 cents stronger at -26K; Blair, Nebraska, is steady at +25K; Hastings, Nebraska, is steady at -12K; Lincoln, Nebraska, is steady at -12K; Garden City, Kansas, is steady at +25K; Columbus, Nebraska, is steady at +25K; and Marshall, Minnesota, is steady at -10K.

SOYBEANS:

The national average soybean basis for Tuesday was 55 cents under the May futures, unchanged from Monday's basis. PNW for the last half of September is steady at +130X, while CIF NOLA basis for April is 3 cents weaker at +40K and track St. Louis for April is 3 cents weaker at +13K. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is steady at +8K and St. Paul, Minnesota river bid is steady at +20K. Basis on the Illinois River at Havana, Illinois, is steady at -11K. Processors are mixed with Council Bluffs, Iowa, steady at -20K; Cedar Rapids, Iowa, is 5 cents stronger at +5K; Sioux City is steady at -20K; Decatur, Illinois, is 2 cents weaker at +5K; Volga, South Dakota, is steady at -50K; Spiritwood, North Dakota, is steady at -45K; 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 not bid or offered, April is bid $100 under against offers of even money and May is bid minus $50 under against offers of even money. UP secondary freight for returns is bid minus $100 under against no offers and April is bid minus $150 under against no offers and May is bid $300 under against offers of even money.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Tuesday was 54 cents under the May futures, 1 cent weaker than Monday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Tuesday was 48 cents under the Kansas City May futures, unchanged from Monday's basis. The KC spot milling cash premiums were mostly steady to lower with the lower proteins not a favorite of the mills Tuesday. Ordinary protein was down 10 cents at +90; 11% through 11.4% was down 25 cents at +95; 11.6% through 12.8% was steady at +125; 13% through 13.6% was steady at +125; 13.8% through 14% protein was steady at +130. In export news, Egypt bought two cargoes of wheat from Ukraine Tuesday.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Tuesday was 23 cents under the Minneapolis May futures, unchanged from Monday'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 not quoted; 13.5% proteins were not quoted; 14% proteins were up 20 cents to down 15 cents at +150 to +170; 14.5% proteins were unchanged at +130N; 15% proteins were unchanged at +175N to +240 and 16% proteins were not quoted. Wheat receipts on the exchange floor were 16 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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