DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was steady at 27 cents under the May futures contract and the DTN National Corn Index up 9 cents at $4.56. The national average basis for soybeans was 1 cent stronger at 56 cents under the May futures contract, while the DTN National Soybean Index was up 18 cents at $9.73. 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 down 10 cents at $4.90. The national average basis for hard red spring (HRS) wheat was 1 cent stronger at 27 cents under the May futures contract, and the DTN National Hard Red Spring Wheat Index was down 6 cents at $5.75.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.56	$0.09	-$0.27	May	$0.002
Soybeans:	$9.73	$0.18	-$0.56	May	$0.012
SRW Wheat:	$4.82	-$0.04	-$0.56	May	$0.002
HRW Wheat:	$4.90	-$0.10	-$0.68	May	$0.000
HRS Wheat:	$5.75	-$0.06	-$0.27	May	$0.007

CORN:

The national average corn basis for Thursday was 27 cents under the May futures, unchanged from Wednesday's basis. PNW basis is steady 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, 2 cents stronger at +4K; 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 steady at -5K; and Marshall, Minnesota, is steady at -20K.

SOYBEAN:

The national average soybean basis for Thursday was 56 cents under the May futures, 1 cent stronger than Wednesday's basis. PNW basis for April forward is not bid until new crop at +90X. March CIF basis is steady at +77K and track St. Louis is 2 cents stronger at +25K. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 3 cents stronger at +6K; 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 still hovering just below Major flood stage at 52.46 feet. The Mississippi River at Memphis is at minor flood stage at 34.068 feet and expected to crest at 36 feet By Tuesday. Vicksburg is at minor flood stage at 40.37 feet and expected to crest at major flood stage next week at 47.50. Barge traffic is slowed as tow sizes are cut and speeds are reduced. Processors are steady with Council Bluffs, Iowa, steady at -20K; Cedar Rapids, Iowa, is steady at -5K; Sioux City is steady stronger at -5K; Decatur, Illinois, is steady at +6K; Volga, South Dakota, is steady at -40K; Spiritwood, North Dakota is steady 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 steady at -10K. BN secondary shuttle freight for returns is bid even money against offers of plus $200 over, LH April is bid even money against offers of plus $150 over and May is bid even money against offers of plus $150 over. UP secondary freight for returns is bid minus $200 under against offers of even money and April is not bid against offers of even money.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Thursday was 56 cents under the May futures, 1 cent stronger than Wednesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Thursday was 68 cents under the Kansas City May futures, unchanged from Wednesday's basis. Spot premiums were steady to lower, with ordinary protein down 3 at +77; 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 +80; 13% through 13.2% was down 5 at +85; 13.4% was steady at +100; 13.6% was steady at +107; 13.8% was up 2 at +112 and 14% was steady at +122. Gulf bid for 11% protein was down 20 cents 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 Thursday was 27 cents under the Minneapolis May futures, 1 cent stronger than Wednesday's basis. The Minneapolis spot milling spring wheat cash premiums closed as follows, based on the Minneapolis May futures: 12% proteins were not quoted; 13% proteins are down 40 at +80; 13.5 proteins were down 50 to down 60 at +100 to +100; 14 proteins were unchanged at +150N to +200N; 14.5% proteins were unchanged at +235N; 15% proteins were up 50 to unchanged at +280 to +310N, and 16% proteins were not quoted. Wheat receipts on the exchange floor were 10 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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