DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was 1 cent stronger at 27 cents under the May futures contract and the DTN National Corn Index up 5 cents at $4.47. The national average basis for soybeans was 1 cent stronger at 57 cents under the May futures contract, while the DTN National Soybean Index was up 21 cents at $9.55. The national average basis for hard red winter (HRW) wheat was steady at 68 cents under the May futures contract, and the DTN National Hard Red Winter Wheat Index was up 7 cents at $5.00. 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 8 cents at $5.81.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.47	$0.05	-$0.27	May	$0.001
Soybeans:	$9.55	$0.21	-$0.57	May	$0.007
SRW Wheat:	$4.86	$0.03	-$0.57	May	$0.005
HRW Wheat:	$5.00	$0.07	-$0.68	May	$0.007
HRS Wheat:	$5.81	$0.08	-$0.28	May	$0.000

CORN:

The national average corn basis for Wednesday was 27 cents under the May futures, 1 cent stronger than Tuesday's basis. PNW basis is 3 cents weaker at +115K and Hereford, Texas, is steady +110K. CIF basis is steady at +77K and track St. Louis is steady at +24K. Processors are mixed, with Cedar Rapids, Iowa, steady at +2K; Fort Dodge, Iowa, is steady at -16K; Council Bluffs, Iowa, is steady at -8K; Decatur, Illinois, is steady at +1K; Mitchell, South Dakota, is steady at -26K; Blair, Nebraska, is steady 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 3 cents stronger at -5K; and Marshall, Minnesota, is steady at -20K.

SOYBEAN:

The national average soybean basis for Wednesday was 57 cents under the May futures, 1 cent stronger than Tuesday's basis. PNW basis for April forward is not bid until new crop at +90X. March CIF basis is 6 cents stronger at +77K and track St. Louis is 6 cents stronger at +23K. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 2 cents stronger at +3K; St. Paul, Minnesota, is steady -34K and basis on the Illinois River at Havana, Illinois, is 3 cents stronger at -12K. The Ohio River at Cairo is in moderate flood stage at 51.94 feet. On Tuesday, April 9, the CME put out this notice: "Effective immediately and until further notice, pursuant to The Board of Trade of the City of Chicago, Inc. ("CBOT" or "Exchange") Rules 701 ("Declarations of Force Majeure") and 703.C.G.(8) ("Barge Load-Out Procedures for Corn, Soybeans, and SRW Wheat..."), CBOT is hereby declaring a condition of Force Majeure due to load-out impossibility at a majority of Wheat regular shipping stations on the Ohio River. Such shipping stations are unable to load due to high water levels and/or flooding." Processors are mixed with Council Bluffs, Iowa, steady at -20K; Cedar Rapids, Iowa, is steady at -5K; Sioux City is 10 cents stronger at -5K; Decatur, Illinois, is steady at +6K; Volga, South Dakota, is steady at -40K; Spiritwood, North Dakota is 5 cents stronger at +40K; 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 5 cents stronger at -10K.

SOFT RED WINTER WHEAT:

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

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Wednesday was 68 cents under the Kansas City May futures, unchanged from Tuesday's basis. Spot premiums were steady to lower, 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 steady at +90; 12% through 12.2 % was down 5 at +90; 12.4% through 12.8% was down 5 at +85; 13% through 13.2% was down 5 at +85; 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 +120, while the Texas Gulf basis for 11% was steady at +115.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Wednesday was 28 cents under the Minneapolis May futures, unchanged from Tuesday'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 at +120; 13.5 proteins were at +150 to +160; 14 proteins were unchanged at +150N to +200; 14.5% proteins were up 15 at +235; 15% proteins were unchanged to down 10 at +250N to +310, and 16% proteins were not quoted. Wheat receipts on the exchange floor were 14 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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