DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was 2 cents stronger at 30 cents under the July futures contract and the DTN National Corn Index was down 2 cents at $4.42. The national average basis for soybeans was 4 cents stronger at 55 cents under the July futures contract, while the DTN National Soybean Index was up 10 cents at $9.95. The national average basis for hard red winter (HRW) wheat was 1 cent stronger at 75 cents under the July futures contract, and the DTN National Hard Red Winter Wheat Index was down 1 cent at $4.53. The national average basis for hard red spring (HRS) wheat was 4 cents weaker at 35 cents under the Minneapolis July futures contract, and the DTN National Hard Red Spring Wheat Index was down 6 cents at $5.60.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.42	-$0.02	-$0.30	Jul	$0.015
Soybeans:	$9.95	$0.10	-$0.55	Jul	$0.038
SRW Wheat:	$4.68	$0.04	-$0.63	Jul	$0.033
HRW Wheat:	$4.53	-$0.01	-$0.75	Jul	$0.011
HRS Wheat:	$5.60	-$0.06	-$0.35	Jul	-$0.048

CORN:

The national average corn basis for Thursday was 30 cents under the July futures, 2 cents stronger than Wednesday's basis. PNW basis for last half May is $3 weaker at +112K 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, 6 cents stronger at -3N; Fort Dodge, Iowa, is at -20N; Council Bluffs, Iowa, is 4 cents stronger at -8N; Decatur, Illinois, is steady at +10N; Mitchell, South Dakota, is steady at -35N; Blair, Nebraska, is 1 cent stronger at +9N; Hastings, Nebraska, is steady at -29K; Lincoln, Nebraska, is steady at -25K; Garden City, Kansas, is steady at option the N; Columbus, Nebraska, is at +5N; and Marshall, Minnesota, is at -29N.

SOYBEAN:

The national average soybean basis for Thursday was 55 cents under the July futures, 4 cents stronger than Wednesday'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 1 cent stronger at option the N; St. Paul, Minnesota, is 2 cents stronger -35N and basis on the Illinois River at Havana, Illinois, is steady at +10K. On Thursday, a tow pushing 12 barges struck the Mississippi River bridge in Vicksburg, lost control of eight barges, with one sinking. The river is still in moderate flood stage at 48.2 feet and will be in flood stage for at least another week. Baton Rouge is still in major flood stage and falling slowly 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 -5N; Sioux City is steady at option the K; Decatur, Illinois, is not quoted; Volga, South Dakota, is at -32N; Spiritwood, North Dakota is steady at +35N; Hastings, Nebraska, steady at -82K; Lincoln, Nebraska, is steady at -10N; Aberdeen, South Dakota, is steady at -40N; Mitchell, South Dakota, is steady at -65K; and Mankato, Minnesota, is at -10N. BN secondary shuttle freight for returns is not bid or offered, FH May is bid minus $100 under against offers of even money and May is bid minus $100 under against offer of even money and June is bid even money against offers of plus $50 over. UP secondary freight for returns is bid minus $350 under against offers of minus $200 under and first half May is not bid against offers of minus $200 under.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Thursday was 63 cents under the July futures, 3 cents stronger than Wednesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Thursday was 75 cents under the Kansas City July futures, 1 cent stronger than Wednesday's basis. Spot premiums were steady to mixed with ordinary protein unchanged at +50; 11% through 11.2 is up 3 at +62; 11.4% is at +67; 11.6% through 11.8% was down 2 at +67; 12% through 12.2% was down 4 at +63; 12.4% through 12.8% was steady at +67; 13% through 13.2% was steady 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 +100. Traders noted on Thursday that China was reported to have purchased two to four cargoes of both Australian and Canadian wheat for TRQ.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Thursday was 35 cents under the Minneapolis July futures, 4 cents weaker than Wednesday'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 +100N; 13.5 proteins were unchanged at +150N; 14 proteins were up 10 to unchanged at +250; 14.5% proteins not quoted; 15% proteins were down 10 to unchanged at +300 to +400, and 16% proteins were not quoted. Wheat receipts on the exchange floor were 35 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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