DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was 1 cent stronger at 28 cents under the July futures contract and the DTN National Corn Index was down 6 cents at $4.21. The national average basis for soybeans was steady at 53 cents under the July futures contract, while the DTN National Soybean Index was down 2 cents at $9.87. The national average basis for hard red winter (HRW) wheat was steady at 70 cents under the July futures contract, and the DTN National Hard Red Winter Wheat Index was down 8 cents at $4.59. The national average basis for hard red spring (HRS) wheat was 2 cents stronger at 29 cents under the Minneapolis July futures contract, and the DTN National Hard Red Spring Wheat Index was down 6 cents at $5.76.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.21	-$0.06	-$0.28	Jul	$0.003
Soybeans:	$9.87	-$0.02	-$0.53	Jul	$0.001
SRW Wheat:	$4.73	-$0.01	-$0.61	Jul	$0.003
HRW Wheat:	$4.59	-$0.08	-$0.70	Jul	$0.000
HRS Wheat:	$5.76	-$0.06	-$0.27	Jul	$0.018

CORN:

The national average corn basis for Wednesday was 28 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 +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 3 cents stronger at -17N; Council Bluffs, Iowa, is steady at -5N; Decatur, Illinois, is 4 cents weaker at +6N; Mitchell, South Dakota, is 2 cents stronger at -33N; Blair, Nebraska, is 2 cents stronger at -6N; Hastings, Nebraska, is steady at -37N; Lincoln, Nebraska, is steady at -25N; Garden City, Kansas, is steady at option the N; Columbus, Nebraska, is 7 cents weaker at -14N; and Marshall, Minnesota, is steady at -32N.

SOYBEAN:

The national average soybean basis for Wednesday was 53 cents under the July futures, unchanged from Tuesday's basis. PNW basis for October is steady at +85X. CIF basis is 6 cents weaker at +62N and track St. Louis is 5 cents weaker at +15N. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 3 cents weaker at -1N; St. Paul, Minnesota, is steady -35N and basis on the Illinois River at Havana, Illinois, is 10 cents weaker at -10N. Mississippi River at Vicksburg is in minor flood stage with daylight only hours for transit through there in force. Baton Rouge is still in major flood stage at -40.42 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 -30N; Hastings, Nebraska, is steady 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 bid minus $50 under against no offers, FH May is bid minus $50 under against no offers and LH May is bid minus $100 under against offers even money. UP secondary freight for returns is bid minus $225 under against offers of minus $175 and May is bid minus $300 under against offers of minus $150 under.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Wednesday was 61 cents under the July futures, unchanged from Tuesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Wednesday was 70 cents under the Kansas City July futures, unchanged from Tuesday's basis. Spot premiums were steady 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 steady 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 up 5 at +105. There is talk of wheat streak mosaic showing up in Kansas. Next wheat starts the annual Wheat Quality Council winter wheat tour, so we'll see if they find it.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Wednesday was 27 cents under the Minneapolis July futures, 2 cents stronger 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 unchanged at +170N; 13.5 proteins were unchanged at +170N to +180A; 14 proteins were up 45 to down 5 at +235; 14.5% proteins were unchanged at +240N to +275N; 15% proteins were down 50 to up 30 at +350 to +430, and 16% proteins were not quoted. Wheat receipts on the exchange floor were 23 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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