DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was 1 cent stronger at 28 cents under the May futures contract and the DTN National Corn Index up 5 cents at $4.36. The national average basis for soybeans was 1 cent stronger at 58 cents under the May futures contract, while the DTN National Soybean Index was up 7 cents at $9.25. The national average basis for hard red winter (HRW) wheat was steady at 69 cents under the May futures contract, and the DTN National Hard Red Winter Wheat Index was up 2 cents at $4.91. The national average basis for hard red spring (HRS) wheat was steady at 28 cents under the May futures contract, and the DTN National Hard Red Spring Wheat Index was up 10 cents at $5.66.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.36	$0.05	-$0.28	May	$0.006
Soybeans:	$9.25	$0.07	-$0.58	May	$0.007
SRW Wheat:	$4.79	$0.07	-$0.57	May	-$0.001
HRW Wheat:	$4.91	$0.02	-$0.69	May	$0.003
HRS Wheat:	$5.66	$0.10	-$0.28	May	$0.003

CORN:

The national average corn basis for Monday was 28 cents under the May futures, 1 cent stronger than Friday's basis. PNW basis is 3 cents stronger at +118K and Hereford, Texas, is steady +110K. CIF basis is 2 cents stronger at +77K and track St. Louis is steady at +24K. Processors are mixed, with Cedar Rapids, Iowa, steady at -5K; Fort Dodge, Iowa, is 1 cent stronger at -16K; Council Bluffs, Iowa, is 2 cents stronger at -8K; Decatur, Illinois, is steady at +1K; Mitchell, South Dakota, is steady at -26K; Blair, Nebraska, is 2 cents stronger at -8K; Hastings, Nebraska, is steady at -32K; Lincoln, Nebraska, is steady at -25K; Garden City, Kansas, is steady at option the K; Columbus, Nebraska, is steady at -8K; and Marshall, Minnesota, is steady at -20K.

SOYBEAN:

The national average soybean basis for Monday was 58 cents under the May futures, 1 cent stronger than Friday's basis. PNW basis for April forward is not bid. March CIF basis is 5 cents stronger at +71K and track St. Louis is 7 cents stronger +17K. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is steady at -5K; St. Paul, Minnesota, is steady -34K and basis on the Illinois River at Havana, Illinois, is 5 cents weaker at -15K. The Ohio River at Cairo is at 51.42 feet and is now hovering at major flood stage. ACBL today said, "Locks along the Ohio River have implemented daylight only restrictions and others will be closed to ensure safety and prevent damage. This will affect navigation and cause delays in transit." On the Mississippi River, ACBL noted that daylight restrictions are in effect at Cape Girardeau/Thebes Bridge, Memphis and Vicksburg. Processors are mixed with Council Bluffs, Iowa, steady at -20K; Cedar Rapids, Iowa, is steady at -10K; Sioux City is 10 cents stronger at -5K; Decatur, Illinois, is steady at +6K; Volga, South Dakota, is 5 cents stronger at -40K; Spiritwood, North Dakota is at +45K; Hastings, Nebraska, steady at -82K; Lincoln, Nebraska, is steady at -25K; Aberdeen, South Dakota, is steady at -60K; Mitchell, South Dakota, is steady at -75K; and Mankato, Minnesota, is steady at -15K. BN secondary shuttle freight for returns is bid plus $100 over against offers of plus $300 over, FH April is bid plus $100 over against no offers and LH April is bid even money against offers of plus $250 over. UP secondary freight for returns is bid minus $100 under against offers of minus $50 under and April is (Mexico option) bid minus $100 under against offers of even money.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Monday was 57 cents under the May futures, unchanged from Friday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Monday was 69 cents under the Kansas City May futures, unchanged from Friday's basis. Spot premiums were steady with ordinary protein is steady at +80; 11% is steady at +80; 11.2% through 11.4% was steady at +80; 11.6% through 11.8% was up 10 at +90; 12% through 12.2 % was up 5 at +95; 12.4% through 13.2% was steady at +90; 13.4% was steady at +100; 13.6% was steady at +107; 13.8% was steady at +110 and 14% was steady at +122. Gulf bid for 11% protein was steady at +110 with no protein bumps. PNW 11.5% was steady at +115, while the Texas Gulf basis for 11% was steady at +105. Monday afternoon was the start of the weekly crop progress and conditions ratings. USDA put the winter wheat crop as of April 6 wheat at 48% good to excellent, down from last year's rating of 56%. USDA showed Kansas and Colorado ahead of average, but Oklahoma, Texas, Nebraska and South Dakota were below average. South Dakota is only showing 15% good to excellent, and Nebraska is only at 12%, both below average. Bottom line is that rain is needed to help those areas get the crop in better shape.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Monday was 28 cents under the Minneapolis May futures, unchanged from Friday's basis. The Minneapolis spot milling spring wheat cash premiums closed as follows, basis the Minneapolis May futures: 12% proteins were not quoted; 13% proteins are not quoted; 13.5 proteins were unchanged at +150N; 14 proteins were unchanged at +150N to +200; 14.5% proteins were up 20 at +220; 15% proteins were up 20 to down 10 at +250 to +310, and 16% proteins were not quoted. Wheat receipts on the exchange floor were 21 cars, which included zero train(s). Bid (B), Ask (A), Nominal (N). Minneapolis Daily Spot Grain Prices are Delivered Chicago/Beyond freight.

Mary Kennedy can be reached at mary.kennedy@dtn.com

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