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 down 2 cents at $4.56. The national average basis for soybeans was 1 cent stronger at 54 cents under the May futures contract, while the DTN National Soybean Index was down 2 cents at $9.83. The national average basis for hard red winter (HRW) wheat was 1 cent weaker at 68 cents under the May futures contract, and the DTN National Hard Red Winter Wheat Index was down 1 cent at $4.89. The national average basis for hard red spring (HRS) wheat was 1 cent weaker at 27 cents under the Minneapolis May futures contract, and the DTN National Hard Red Spring Wheat Index was up 1 cent at $5.79.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.56	-$0.02	-$0.27	May	$0.001
Soybeans:	$9.83	-$0.02	-$0.54	May	$0.007
SRW Wheat:	$4.92	$0.01	-$0.57	May	-$0.004
HRW Wheat:	$4.89	-$0.01	-$0.68	May	-$0.008
HRS Wheat:	$5.79	$0.01	-$0.27	May	-$0.013

CORN:

The national average corn basis for Thursday was 27 cents under the May futures, unchanged from Wednesday's basis. PNW basis for June is 4 cents weaker at +108K and Hereford, Texas, for May is steady +110K. CIF basis is steady at +75K and track St. Louis is 4 cents stronger at +30K. Processors are mixed, with Cedar Rapids, Iowa, steady at +4K; Fort Dodge, Iowa, is steady at -16K; Council Bluffs, Iowa, is steady at -6K; Decatur, Illinois, is 5 cents stronger at +6K; Mitchell, South Dakota, is steady at -26K; Blair, Nebraska, is steady at -6K; 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 54 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 +81K and track St. Louis is 2 cents stronger at +30K. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 2 cents weaker at +7K; St. Paul, Minnesota, is steady -31K and basis on the Illinois River at Havana, Illinois, is 5 cents stronger at option the K. The Ohio River at Cairo has crested but is still in moderate flood stage and on a slow fall. The Mississippi River at Vicksburg is expected to crest at 48.5 feet by Saturday. There is still daylight only for barges transiting through Vicksburg and Memphis. Processors are mixed with Council Bluffs, Iowa, steady at -20K; Cedar Rapids, Iowa, is steady at -5K; Sioux City is steady stronger at -5K; Decatur, Illinois, is 3 cents stronger at +15K; Volga, South Dakota, is 5 cents stronger at -35K; Spiritwood, North Dakota is steady at +40K; Hastings, Nebraska, steady at -82K; Lincoln, Nebraska, is steady at -20K; Aberdeen, South Dakota, is steady at -45K; Mitchell, South Dakota, is steady at -75K; and Mankato, Minnesota, is steady at -10K. BN secondary shuttle freight for returns is not bid or offered, LH April is not bid against offers of plus $100 over and May is bid even money against offers of plus $100 over. UP secondary freight for returns is not bid or offered and last half April is bid minus $300 under against offers of even minus $100 under.

SOFT RED WINTER WHEAT:

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

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Thursday was 68 cents under the Kansas City May futures, 1 cent weaker than Wednesday's basis. Spot premiums were steady to lower, with ordinary protein down 12 at +65; 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 10 at +80; 12.4% through 12.8% was steady at +80; 13% through 13.2% was steady at +85; 13.4% was down 5 at +95; 13.6% was down 12 at +95; 13.8% was steady at +112 and 14% was steady at +122. Gulf bid for 11% protein was steady at +90 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 weaker 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 were not quoted; 13.5 proteins were unchanged at +130N; 14 proteins were up 20 to unchanged at +210; 14.5% proteins were not quoted; 15% proteins were unchanged to up 10 at +320N to +360, and 16% proteins were not quoted. Wheat receipts on the exchange floor were 18 cars, which included one 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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