DTN Daily Basis Comments
Monday Morning Basis Comments
The national average basis for corn was steady at 17 cents under the May futures contract while the DTN National Corn Index was up 7 cents at $4.17. The national average basis for soybeans was steady at 54 cents under the May futures contract, while the DTN National Soybean Index was up 16 cents at $10.96. The national average basis for hard red winter (HRW) wheat was 1 cent stronger at 48 cents under the May futures contract, while the DTN National Hard Red Winter Wheat Index was up 5 cents at $5.33. The national average basis for hard red spring (HRS) wheat was steady at 24 cents under the May futures contract, while the DTN National Hard Red Spring Wheat Index was up 8 cents at $6.23.
| DTN Cash | Change From | National | Contract | Change from | |
| Commodity | Index | Prev Day | Avg. Basis | Month | Prev Day |
| Corn: | $4.17 | $0.07 | -$0.17 | May | $0.004 |
| Soybeans: | $10.96 | $0.16 | -$0.54 | May | $0.001 |
| SRW Wheat: | $4.98 | $0.14 | -$0.52 | May | $0.006 |
| HRW Wheat: | $5.33 | $0.05 | -$0.48 | May | $0.004 |
| HRS Wheat: | $6.23 | $0.08 | -$0.24 | May | $0.002 |
CORN:
The national average corn basis for Friday was 17 cents under the May futures, unchanged from Thursday's basis. PNW basis for April is steady at +145K and Hereford, Texas, is steady at +130K for April. CIF NOLA for April is steady at +47K and track St. Louis for April is steady at +22K. Processors are mixed with Cedar Rapids, Iowa, 5 cents stronger at +27K; Fort Dodge, Iowa, is steady at +15K; Council Bluffs, Iowa, is steady at +22K; Decatur, Illinois, is steady at +2K; Mitchell, South Dakota, is steady at -26K; Blair, Nebraska, is 5 cents stronger at +30K; Hastings, Nebraska, is steady at -10K; Lincoln, Nebraska, is 7 cents stronger at -5K; Garden City, Kansas, is steady at +25K; Columbus, Nebraska, is steady at +25K (spot bid by 4-27 is +35K); and Marshall, Minnesota, is steady at -10K.
SOYBEANS:
The national average soybean basis for Friday was 54 cents under the May futures, unchanged from Thursday's basis. PNW for the last half of September is steady at +130X, while CIF NOLA basis for April is steady at +40K and track St. Louis for April is steady at +13K. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 6 cents stronger at +14K, St. Paul, Minnesota river bid is 7 cents stronger at -16K and basis on the Illinois River at Havana, Illinois is 2 cents weaker at -11K. Processors are mixed with Council Bluffs, Iowa, 5 cents weaker at -25K; Cedar Rapids, Iowa, is 5 cents stronger at +10K; Sioux City is steady at -20K; Decatur, Illinois, is steady at +5K; Volga, South Dakota, is steady at -55K; 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 -5K. BN secondary shuttle freight for returns is not bid or offered, April is bid $50 under against offers of plus $50 over and May is bid minus $50 under against offers of plus $50 over. UP secondary freight for returns is bid minus $100 under against offers of plus $100 over and April is not bid against offers of plus $100 and May is bid minus $300 under against offers of even money.
P[L1] D[0x0] M[300x250] OOP[F] ADUNIT[] T[]
SOFT RED WINTER WHEAT:
The national average SRW wheat basis for Friday was 52 cents under the May futures, 1 cent stronger than Thursday's basis.
HARD RED WINTER WHEAT:
The national average HRW wheat basis for Friday was 48 cents under the Kansas City May futures, 1 cent stronger than Thursday's basis. The KC spot milling cash premiums were unchanged Friday with no cars reported sold. Ordinary protein was steady at +65; 11% through 11.4% was unchanged at +95; 11.6% through 13.6% was down 5 cents at +120; 13.8% through 14% protein was unchanged at +120. The track Gulf bid for 11% protein is at +110 with no protein bumps and PNW 11.5 is +140, while the Texas Gulf basis for 11% is at +155. We may see India need to import wheat this year given their stocks are at the lowest level in 16 years, according to analysts. Indian government data shows wheat stocks at the beginning of April totaled 7.5 million metric tons, down from the 8.35 mmt last year.
HARD RED SPRING WHEAT:
The national average HRS wheat basis for Friday was 24 cents under the Minneapolis May futures, unchanged from Thursday'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 down 35 cents to unchanged at +115N to +170; 14.5% proteins were not quoted; 15% proteins were up 65 cents to unchanged at +240 and 16% proteins were not quoted. Wheat receipts on the exchange floor were 7 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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