DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was steady at 28 cents under the July futures contract and the DTN National Corn Index was down 1 cent at $4.20. The national average basis for soybeans was 1 cent stronger at 52 cents under the July futures contract, while the DTN National Soybean Index was up 20 cents at $10.19. The national average basis for hard red winter (HRW) wheat was steady at 69 cents under the July futures contract, and the DTN National Hard Red Winter Wheat Index was down 9 cents at $4.39. The national average basis for hard red spring (HRS) wheat was steady at 25 cents under the Minneapolis July futures contract, and the DTN National Hard Red Spring Wheat Index was down 9 cents at $5.59.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.20	-$0.01	-$0.28	Jul	$0.007
Soybeans:	$10.19	$0.20	-$0.52	Jul	$0.004
SRW Wheat:	$4.55	-$0.06	-$0.61	Jul	$0.003
HRW Wheat:	$4.39	-$0.09	-$0.69	Jul	$0.005
HRS Wheat:	$5.59	-$0.09	-$0.25	Jul	$0.003

CORN:

The national average corn basis for Monday was 28 cents under the July futures, unchanged from Thursday's basis. PNW basis for last-half May is steady at +115K and Hereford, Texas, for June is steady at +100K. CIF basis is 4 cents weaker at +64N and track St. Louis is 1 cent weaker at +19N. Processors are mixed with Cedar Rapids, Iowa, 5 cents weaker at option the N; Fort Dodge, Iowa, is steady at -17N; Council Bluffs, Iowa, is steady at -2N; Decatur, Illinois, is steady at +6N; Mitchell, South Dakota, is steady at -31N; Blair, Nebraska, is steady at -4N; 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 -8N; and Marshall, Minnesota, is steady at -32N.

SOYBEAN:

The national average soybean basis for Monday was 52 cents under the July futures, 1 cent stronger than Thursday's basis. PNW basis for October is steady at +85X. CIF basis is steady at +62N and track St. Louis is steady at +15N. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 1 cent weaker at -2N; St. Paul, Minnesota, is steady -35N and basis on the Illinois River at Havana, Illinois, is steady at -10N. Baton Rouge is in moderate flood stage at -38 feet and falling slowly with forecast river will be in minor flood stage at least through May 27. Processors are mixed with Council Bluffs, Iowa, is at -5N; Cedar Rapids, Iowa, is steady at -5N; Sioux City is steady at -5N; Decatur, Illinois, is 4 cents weaker +8N; Volga, South Dakota, is at -32N; Spiritwood, North Dakota, is 5 cents stronger at -25N; Hastings, Nebraska, is steady at -77K; Lincoln, Nebraska, is steady at -10N; Aberdeen, South Dakota, is steady at -35N; Mitchell, South Dakota, is steady at -65N; and Mankato, Minnesota, is 10 cents stronger at option the N. BN secondary shuttle freight for returns is bid minus $100 under against offers of even money, LH May is not bid against offers of even money and June is bid minus $25 under against offers of minus $50 under. UP secondary freight for returns is bid minus $250 under against offers of minus $100 and LH May is bid minus $300 under against offers of minus $100 under.

SOFT RED WINTER WHEAT:

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

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Monday was 69 cents under the Kansas City July futures, unchanged from Thursday'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 up 2 at +69; 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 up 31 at +140. 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 steady at +105. In the Monday Crop Progress Report, USDA said U.S. winter wheat conditions were rated 54% good to excellent, an improvement of 3 points week-over-week and 4 percentage points ahead of the rating at this time last year. Major hard winter state Kansas is 48% good to excellent while Montana is rated 83% G/E, their highest rating ever seen on this date. Winter wheat headed is 53%, 8 points above the five-year average. Spring wheat planting is 66% complete, ahead of the five-year average of 49% across the six spring wheat growing states in the U.S., with South Dakota claiming honors at 98% planted.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Monday was 25 cents under the Minneapolis July futures, unchanged from Thursday'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 not quoted; 13.5 proteins were unchanged at +175N; 14 proteins were up 30 to unchanged at +230; 14.5% proteins were down 15 at +250N; 15% proteins were down 10 at +300 to +380, and 16% proteins were not quoted. Wheat receipts on the exchange floor were 37 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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