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 1 cent at $4.55. The national average basis for soybeans was 1 cent stronger at 53 cents under the May futures contract, while the DTN National Soybean Index was down 6 cents at $9.76. 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 7 cents at $4.83. The national average basis for hard red spring (HRS) wheat was 1 cent stronger at 26 cents under the Minneapolis May futures contract, and the DTN National Hard Red Spring Wheat Index was down 6 cents at $5.74.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.55	-$0.01	-$0.27	May	-$0.001
Soybeans:	$9.76	-$0.06	-$0.53	May	$0.006
SRW Wheat:	$4.82	-$0.09	-$0.56	May	$0.011
HRW Wheat:	$4.83	-$0.07	-$0.68	May	$0.001
HRS Wheat:	$5.74	-$0.06	-$0.26	May	$0.006

CORN:

The national average corn basis for Monday was 27 cents under the May futures, unchanged from Thursday's basis. PNW basis for June is 2 cents stronger at +110K and Hereford, Texas, for May is steady +110K. CIF basis is 2 cents stronger at +77K and track St. Louis is steady 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 steady at +6K; Mitchell, South Dakota, is steady at -26K; Blair, Nebraska, is 2 cents stronger at -4K; 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 Monday was 53 cents under the May futures, 1 cent stronger than Thursday's basis. PNW basis for October is 10 cents weaker at +80X. March CIF basis is 6 cents weaker at +77K and track St. Louis is steady at +30K. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is steady at +7K; St. Paul, Minnesota, is steady -31K and basis on the Illinois River at Havana, Illinois, is steady at option the K. The Ohio River at Cairo has crested but is still in moderate flood stage at 47.28 feet 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 5 cents stronger at option the K; Sioux City is steady stronger at -5K; Decatur, Illinois, is 3 cents stronger at +15K; Volga, South Dakota, is steady at -27K; Spiritwood, North Dakota is steady at +40K; Hastings, Nebraska, steady at -82K; Lincoln, Nebraska, is 10 cents stronger at -10K; Aberdeen, South Dakota, is steady at -45K; Mitchell, South Dakota, is steady at -75K; and Mankato, Minnesota, is steady at -10K.

SOFT RED WINTER WHEAT:

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

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Monday was 68 cents under the Kansas City May futures, unchanged from Thursday'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. Traders noted that the soft red winter wheat bid at St. Louis is up 15 to 20 cents versus last week.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Monday was 26 cents under the Minneapolis May futures, 1 cent stronger than Thursday's basis.

The MIAX Futures Exchange, LLC Floor Trading Summary spot milling spring wheat cash premiums closed as follows, based on the MIAX May spring wheat futures: 12% proteins were not quoted; 13% proteins were not quoted; 13.5 proteins were down 25 at +105; 14 proteins were unchanged at +210; 14.5% proteins were not quoted; 15% proteins were unchanged at +320N to +360N, and 16% proteins were not quoted. Wheat receipts on the exchange floor were 10 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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