DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was steady at 33 cents under the July futures contract and the DTN National Corn Index was down 13 cents at $4.37. The national average basis for soybeans was steady at 60 cents under the July futures contract, while the DTN National Soybean Index was down 9 cents at $9.93. The national average basis for hard red winter (HRW) wheat was 2 cents stronger at 79 cents under the July futures contract, and the DTN National Hard Red Winter Wheat Index was down 6 cents at $4.52. The national average basis for hard red spring (HRS) wheat was 4 cents stronger at 30 cents under the Minneapolis July futures contract, and the DTN National Hard Red Spring Wheat Index was up 1 cent at $5.63.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.37	-$0.13	-$0.33	Jul	-$0.002
Soybeans:	$9.93	-$0.09	-$0.60	Jul	$0.003
SRW Wheat:	$4.57	-$0.04	-$0.69	Jul	$0.017
HRW Wheat:	$4.52	-$0.06	-$0.79	Jul	$0.024
HRS Wheat:	$5.63	$0.01	-$0.30	Jul	$0.049

CORN:

The national average corn basis for Tuesday was 33 cents under the July futures, unchanged from Monday's basis. PNW basis for June is steady at +115K and Hereford, Texas, for June is steady at +105K. May CIF basis is steady at +71K and May track St. Louis is steady at +26K. Processors are mixed and slowly moving to July with Cedar Rapids, Iowa, steady at option the K; Fort Dodge, Iowa, is at -20N; Council Bluffs, Iowa, is at -12N; Decatur, Illinois, is steady at +14K; Mitchell, South Dakota, is steady at -26K; Blair, Nebraska, is steady at option the K; 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 option the K; and Marshall, Minnesota, is steady at -20K.

SOYBEAN:

The national average soybean basis for Tuesday was 60 cents under the July futures, unchanged from Monday's basis. PNW basis for October is steady at +85X. May CIF basis is steady at +79K and May track St. Louis is steady at +32K. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 4 cents weaker at -3N; St. Paul, Minnesota, is steady -31K and basis on the Illinois River at Havana, Illinois, is steady at +7K. Baton Rouge is in major flood stage and is expected to crest Thursday, with safety restrictions still in place. Processors are mixed and slowly moving to July with Council Bluffs, Iowa, at -30N; Cedar Rapids, Iowa, is steady at option the May; Sioux City is 5 cents weaker at option the K; Decatur, Illinois, is steady at +15K; Volga, South Dakota, is 5 cents weaker at -32K; Spiritwood, North Dakota is steady at +30K; Hastings, Nebraska, steady at -82K; Lincoln, Nebraska, is steady at -10K; Aberdeen, South Dakota, is steady at -45K; Mitchell, South Dakota, is steady at -65K; and Mankato, Minnesota, is steady at -5K.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Tuesday was 69 cents under the July futures, 1 cent stronger than Monday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Tuesday was 79 cents under the Kansas City July futures, 2 cents stronger than Monday's basis. Spot premiums were steady with ordinary protein at +47; 11% through 11.2 is at +57; 11.4% is at +67; 11.6% through 11.8% was at +69; 12% through 13% was at +67; 13.2% was at +72; 13.4% through 13.6 was at +82; 13.8% was at +99 and 14% was steady at +109. May Gulf bid for 11% protein was steady at +110K with no protein bumps. June PNW 11.5% was at +115, while the June Texas Gulf basis for 11% was at +105.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Tuesday was 30 cents under the Minneapolis July futures, 4 cents stronger than Monday's basis. The MIAX Futures Exchange, LLC Floor Trading Summary spot milling spring wheat cash premiums closed as follows, based on the MIAX July spring wheat futures: 12% proteins were not quoted; 13% proteins were unchanged at +75N; 13.5 proteins were at +165N; 14 proteins were unchanged to up 10 at +240 to +250; 14.5% proteins not quoted; 15% proteins were unchanged at +400, 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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