DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was 1 cent stronger at 32 cents under the July futures contract and the DTN National Corn Index was up 7 cents at $4.44. The national average basis for soybeans was 1 cent stronger at 59 cents under the July futures contract, while the DTN National Soybean Index was down 7 cents at $9.86. The national average basis for hard red winter (HRW) wheat was 3 cents stronger at 76 cents under the July futures contract, and the DTN National Hard Red Winter Wheat Index was up 1 cent at $4.53. The national average basis for hard red spring (HRS) wheat was 1 cent weaker at 31 cents under the Minneapolis July futures contract, and the DTN National Hard Red Spring Wheat Index was up 4 cents at $5.66.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.44	$0.07	-$0.32	Jul	$0.014
Soybeans:	$9.86	-$0.07	-$0.59	Jul	$0.011
SRW Wheat:	$4.64	$0.08	-$0.66	Jul	$0.023
HRW Wheat:	$4.53	$0.01	-$0.76	Jul	$0.027
HRS Wheat:	$5.66	$0.04	-$0.31	Jul	-$0.006

CORN:

The national average corn basis for Wednesday was 32 cents under the July futures, 1 cent stronger than Tuesday's basis. PNW basis for last-half May is steady at +115K and Hereford, Texas, for June is steady at +105K. May CIF basis is steady at +68N and May track St. Louis is at +22N. Processors are mixed and most moving to July with Cedar Rapids, Iowa, steady at -9N; Fort Dodge, Iowa, is at -20N; Council Bluffs, Iowa, is at -12N; Decatur, Illinois, is steady at +10N; Mitchell, South Dakota, is steady at -35N; Blair, Nebraska, is at +9N; Hastings, Nebraska, is 3 cents stronger at -29K; Lincoln, Nebraska, is steady at -25K; Garden City, Kansas, is steady at option the N; Columbus, Nebraska, is 2 cents stronger at +2K; and Marshall, Minnesota, is steady at -20K.

SOYBEAN:

The national average soybean basis for Wednesday was 59 cents under the July futures, 1 cent stronger than Tuesday's basis. PNW basis for October is steady at +85X. CIF basis is steady at +79K and track St. Louis is steady at +30K. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 4 cents stronger at -1N; St. Paul, Minnesota, is at -37N and basis on the Illinois River at Havana, Illinois, is 3 cents stronger at +10K. Baton Rouge is cresting today in major flood stage and falling slowly, as safety restrictions are 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 steady at option the K; Decatur, Illinois, is steady at +15K; Volga, South Dakota, is at -32N; Spiritwood, North Dakota is steady at +30K; Hastings, Nebraska, steady at -82K; Lincoln, Nebraska, is steady at -10K; Aberdeen, South Dakota, is steady at -40N; Mitchell, South Dakota, is steady at -65K; and Mankato, Minnesota, is at -10N.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Wednesday was 66 cents under the July futures, 3 cents stronger than Tuesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Wednesday was 76 cents under the Kansas City July futures, 3 cents stronger than Tuesday's basis. Spot premiums were steady to higher with ordinary protein up 2 at +50; 11% through 11.2 is up 2 at +59; 11.4% is at +67; 11.6% through 11.8% was at +69; 12% through 13% was up 8 at +75; 13.2% was up 3 at +75; 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 down 5 at +105.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Wednesday was 31 cents under the Minneapolis July futures, 1 cent weaker than Tuesday'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 up 25 at +100*; 13.5 proteins were down 15 at +150; 14 proteins were unchanged at +240N to +250N; 14.5% proteins not quoted; 15% proteins were down 90 to unchanged at +310 to +400, and 16% proteins were not quoted. Wheat receipts on the exchange floor were 50 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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