DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was steady at 17 cents under the May futures contract while the DTN National Corn Index was up 4 cents at $4.27. The national average basis for soybeans was unchanged at 53 cents under the May futures contract, while the DTN National Soybean Index was up 7 cents at $11.15. 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 11 cents at $5.60. 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 11 cents at $6.43.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.27	$0.04	-$0.16	May	$0.006
Soybeans:	$11.15	$0.07	-$0.53	May	$0.000
SRW Wheat:	$5.33	$0.15	-$0.52	May	$0.001
HRW Wheat:	$5.60	$0.11	-$0.48	May	-$0.002
HRS Wheat:	$6.43	$0.11	-$0.24	May	$0.001

CORN:

The national average corn basis for Tuesday was 16 cents under the May futures, 1 cent stronger than Monday'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 steady at +48K and track St. Louis for April is 2 cents stronger at +24K. Processors are mixed with Cedar Rapids, Iowa, steady 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 5 cents weaker at +25K; 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 Tuesday was 53 cents under the May futures, unchanged from Monday's basis. PNW basis for July is +105X and for new crop for the last half of September is steady at +130X, while CIF NOLA basis for April is steady at +52K and track St. Louis for April is 8 cents stronger at +24K. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 2 cents weaker at +17K, St. Paul, Minnesota, river bid is 1 cent stronger at -15K and basis on the Illinois River at Havana, Illinois is 1 cent stronger at -1K. Processors are mixed with Council Bluffs, Iowa, 10 cents stronger at -10K; Cedar Rapids, Iowa, is steady at +10K; Sioux City is steady at -20K; Decatur, Illinois, is steady at +5K; Volga, South Dakota, is steady 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 $50 under against offers of plus $50 over. UP secondary freight for returns is bid minus $200 under against offers of even money, and May is bid minus $300 under against offers of minus $50 under.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Tuesday was 52 cents under the May futures, unchanged from 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 steady to weaker with mills not in dire need for cars right now. Ordinary protein was steady at +65; 11% through 11.4% was down 13 cents at +82; 11.6% through 11.8% was down 18 cents at +102; 12% 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.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Tuesday was 24 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 55 cents to unchanged at +170; 14.5% proteins were not quoted; 15% proteins were unchanged at +240N to +250N 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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