DTN Daily Basis Comments
Tuesday 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 6 cents at $4.23. The national average basis for soybeans was 1 cent stronger at 53 cents under the May futures contract, while the DTN National Soybean Index was up 12 cents at $11.08. 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 16 cents at $5.49. 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 $6.32.
| DTN Cash | Change From | National | Contract | Change from | |
| Commodity | Index | Prev Day | Avg. Basis | Month | Prev Day |
| Corn: | $4.23 | $0.06 | -$0.17 | May | $0.002 |
| Soybeans: | $11.08 | $0.12 | -$0.53 | May | $0.013 |
| SRW Wheat: | $5.18 | $0.20 | -$0.52 | May | $0.002 |
| HRW Wheat: | $5.49 | $0.16 | -$0.48 | May | $0.002 |
| HRS Wheat: | $6.32 | $0.08 | -$0.24 | May | -$0.004 |
CORN:
The national average corn basis for Friday was 17 cents under the May futures, unchanged from Thursday's basis. PNW basis for April/May is steady at +145K and Hereford, Texas, is steady at +130K for April. CIF NOLA for April is 1 cent stronger at +48K and track St. Louis for April is 2 cents stronger at +24K. Processors are mixed with Cedar Rapids, Iowa, 4 cents stronger at +31K; 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 steady at +30K; Hastings, Nebraska, is steady at -10K; Lincoln, Nebraska, is steady 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 53 cents under the May futures, 1 cent stronger than Thursday's basis. PNW for the last half of September is steady at +130X, while CIF NOLA basis for April is 12 cents stronger at +52K and track St. Louis for April is 3 cents stronger at +16K. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 5 cents stronger at +19K, St. Paul, Minnesota river bid is steady at -16K and basis on the Illinois River at Havana, Illinois is 9 cents weaker at -2K. Processors are mixed with Council Bluffs, Iowa, 5 cents stronger at -20K; 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 5 cents weaker at -60K; 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 not bid against offers of plus $50 over and May is bid minus $100 under against offers of plus $100 over. UP secondary freight for returns is not bid or offerd and April is bid minus &100 under 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, unchanged from Thursday's basis.
HARD RED WINTER WHEAT:
The national average HRW wheat basis for Friday was 48 cents under the Kansas City May futures, unchanged from Thursday's basis. The KC spot milling cash premiums were unchanged 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. In the weekly crop progress report, USDA showed as of April 21, there were declines in HRW good-to-excellent conditions in Kansas, down 6% and Oklahoma down 11%. Farmers have talked of prior frost damage and now lack of rain which is stressing the quickly maturing crop. In Kansas, NASS reported topsoil moisture supplies rated 27% very short, 38% short, 34% adequate, and 1% surplus. Subsoil moisture supplies are rated 24% very short, 40% short, 35% adequate, and 1% surplus. In Oklahoma, topsoil moisture supplies were rated 6% very short, 40% short, 52% adequate, and 2% surplus. Subsoil moisture supplies rated 10% very short, 30% short, 53% adequate, and 1% surplus.
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 up 55 cents to unchanged at +170; 14.5% proteins were not quoted; 15% proteins were unchanged to up 10 cents at +240 to +250 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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