DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was steady at 29 cents under the July futures contract and the DTN National Corn Index was up 1 cent at $4.27. The national average basis for soybeans was steady at 53 cents under the July futures contract, while the DTN National Soybean Index was down 4 cents at $9.88. The national average basis for hard red winter (HRW) wheat was 1 cent stronger at 70 cents under the July futures contract, and the DTN National Hard Red Winter Wheat Index was up 6 cents at $4.68. The national average basis for hard red spring (HRS) wheat was 1 cent weaker at 29 cents under the Minneapolis July futures contract, and the DTN National Hard Red Spring Wheat Index was up 1 cent at $5.82.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.27	$0.01	-$0.29	Jul	$0.002
Soybeans:	$9.88	-$0.04	-$0.53	Jul	$0.003
SRW Wheat:	$4.75	$0.06	-$0.61	Jul	$0.008
HRW Wheat:	$4.68	$0.06	-$0.70	Jul	$0.006
HRS Wheat:	$5.82	$0.01	-$0.29	Jul	-$0.003

CORN:

The national average corn basis for Tuesday was 29 cents under the July futures, unchanged from Monday's basis. PNW basis for last half May is steady at +115K and Hereford, Texas, for June is steady at +100K. May CIF basis is steady at +68N and May track St. Louis is steady at +20N. Processors are mixed with Cedar Rapids, Iowa, steady at -3N; Fort Dodge, Iowa, is at -20N; Council Bluffs, Iowa, is steady at -5N; Decatur, Illinois, is 4 cents weaker at +6N; Mitchell, South Dakota, is steady at -35N; Blair, Nebraska, is steady at -8N; Hastings, Nebraska, is steady at -37N; Lincoln, Nebraska, is steady at -25N; Garden City, Kansas, is steady at option the N; Columbus, Nebraska, is steady at +7N; and Marshall, Minnesota, is steady at -32N.

SOYBEAN:

The national average soybean basis for Tuesday was 53 cents under the July futures, unchanged from Monday's basis. PNW basis for October is steady at +85X. CIF basis is steady at +68N and track St. Louis is steady at +20N. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 2 cents stronger at +2N; St. Paul, Minnesota, is steady -35N and basis on the Illinois River at Havana, Illinois, is at option the N. Baton Rouge is still in major flood stage at -40.63 feet and falling slowly with forecast river will be in minor flood stage at least through May 21. Processors are mixed with Council Bluffs, Iowa, is 5 cents stronger at -20N; Cedar Rapids, Iowa, is steady at -5N; Sioux City is steady at -5N; Decatur, Illinois, is +16N; Volga, South Dakota, is at -32N; Spiritwood, North Dakota is steady at 5 cents weaker at -30N; Hastings, Nebraska, 5 cents stronger at -77K; Lincoln, Nebraska, is steady at -10N; Aberdeen, South Dakota, is steady at -40N; Mitchell, South Dakota, is steady at -65N; and Mankato, Minnesota, is at -10N. BN secondary shuttle freight for returns is not bid against no offers, May is bid minus $50 under against offers of +50 over, June is bid even money against offers of plus $75 over. UP secondary freight for returns is bid minus $200 under against offers of minus $150 and May is not bid against offers of minus $150 under.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Tuesday was 61 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 70 cents under the Kansas City July futures, 1 cent stronger than Monday's basis. Spot premiums were steady to higher with ordinary protein unchanged at +50; 11% through 11.2 is steady at +62; 11.4% through 11.6% was steady at +67; 11.8% was up 3 at +70; 12% was up 7 at =70; 12.2% was steady 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. Gulf bid for 11% protein was steady at +90 with no protein bumps. June PNW 11.5% was at +115, while the June Texas Gulf basis for 11% was at +100. Oklahoma Grain and Feed did their annual crop tour and put OK wheat production at 101.169M bu, with average yield at 35.9 bpa using a harvested acreage number at 2.815 million. 10-year average production in OK at 97.64M bu.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Tuesday was 29 cents under the Minneapolis July futures, 1 cent weaker 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 +170N; 13.5 proteins were up 20 to up 30 at +170B* to +180; 14 proteins were down 50 to down 10 at +190 to +240; 14.5% proteins were unchanged at +240N to +275N; 15% proteins were up 15 to down 30 at +400, and 16% proteins were not quoted. Wheat receipts on the exchange floor were 42 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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