DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was 1 cent stronger at 15 cents under the May futures contract while the DTN National Corn Index was up 4 cents at $4.26. The national average basis for soybeans was steady at 52 cents under the May futures contract, while the DTN National Soybean Index was down 3 cents at $11.11. 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 8 cents at $5.84. The national average basis for hard red spring (HRS) wheat was 2 cents stronger at 22 cents under the May futures contract, while the DTN National Hard Red Spring Wheat Index was up 13 cents at $6.55.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.26	$0.04	-$0.15	May	$0.005
Soybeans:	$11.11	-$0.03	-$0.52	May	$0.002
SRW Wheat:	$5.50	$0.08	-$0.52	May	$0.001
HRW Wheat:	$5.84	$0.08	-$0.48	May	$0.005
HRS Wheat:	$6.69	$0.13	-$0.22	May	$0.013

CORN:

The national average corn basis for Thursday was 15 cents under the May futures, 1 cent stronger than Wednesday'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 steady at +24K. Processors are mixed with some moved to July. Cedar Rapids, Iowa, is 2 cents stronger at +18N; Fort Dodge, Iowa, is steady at +8N; Council Bluffs, Iowa, is steady at +20K; Decatur, Illinois, is steady at +2K; Mitchell, South Dakota, is steady at -26K; Blair, Nebraska, is steady 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 May 4 is +35K); and Marshall, Minnesota, is steady at -10K.

SOYBEANS:

The national average soybean basis for Thursday was 52 cents under the May futures, unchanged from Wednesday's basis. PNW 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 steady at +23K. Some soybean bids on the river and processors have moved to July. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 5 cents weaker at -2N, St. Paul, Minnesota river bid is steady at -12K and basis on the Illinois River at Havana, Illinois is 3 cents weaker at -8K. Processors are mixed with Council Bluffs, Iowa, 5 cents weaker at -15K; Cedar Rapids, Iowa, is steady at -5N; 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 -55K; Mitchell, South Dakota, is steady at -94K; and Mankato, Minnesota, is steady at -5K. BN secondary shuttle freight for returns is not bid against offers of plus $50 over, April is bid minus $50 against no offers and May is bid minus $50 under against offers of plus $50 over. UP secondary freight for returns is bid minus $100 under against no offers, returns guaranteed Mexico are bid minus $200 under against offers of minus $100 under and May is bid minus $300 under against offers of plus $50 over.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Thursday was 52 cents under the May futures, unchanged from Wednesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Thursday was 48 cents under the Kansas City May futures, unchanged from Wednesday's basis. The KC spot milling cash premiums basis the July were mixed with the market now basis the July contract, rolling at a 5-cent carry. Ordinary protein was steady at +60; 11% was steady at +77; 11.2 through 11.4% was steady at +95; 11.6% was steady at +97; 11.8 protein was up 3 cents at +100; 12% through 12.4 were down 4 cents at +111 and 12.6% through 14% protein was unchanged at +115. 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 export news, Taiwan Flour Millers' Association, a regular U.S. wheat customer, purchased 106,675 metric tons of US-origin wheat off the PNW for last half June/July. The total included 65,775 mt of DNS, 27,500 mt of HRW and 13,400 mt of SWW.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Thursday was 22 cents under the Minneapolis May futures, 2 cents stronger than Wednesday's basis. The Minneapolis spot spring wheat cash premiums closed as follows, based on Minneapolis July futures: 12% proteins were not quoted; 13% proteins were not quoted; 13.5% proteins were not quoted; 14% proteins were at +178 to +183; 14.5% proteins were at +$178; 15% proteins were not quoted, and 16% proteins were not quoted. Wheat receipts on the exchange floor were 9 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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