DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was steady at 27 cents under the July futures contract and the DTN National Corn Index was up 4 cents at $4.22. The national average basis for soybeans was 1 cent stronger at 51 cents under the July futures contract, while the DTN National Soybean Index was down 26 cents at $10.00. 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 up 5 cents at $4.60. The national average basis for hard red spring (HRS) wheat was steady at 24 cents under the Minneapolis July futures contract, and the DTN National Hard Red Spring Wheat Index was up 3 cents at $5.56.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.22	$0.04	-$0.27	Jul	$0.006
Soybeans:	$10.00	-$0.26	-$0.51	Jul	$0.009
SRW Wheat:	$4.72	$0.08	-$0.60	Jul	$0.000
HRW Wheat:	$4.60	$0.05	-$0.69	Jul	-$0.001
HRS Wheat:	$5.56	$0.03	-$0.24	Jul	-$0.001

CORN:

The national average corn basis for Thursday was 27 cents under the July futures, unchanged from Wednesday's basis. PNW basis for last-half May is steady at +115K and Hereford, Texas, for June is steady at +100K. CIF basis is steady at +65N and track St. Louis is steady at +20N. Processors are mixed with Cedar Rapids, Iowa, 3 cents weaker at -3N; Fort Dodge, Iowa, is steady at -15N; Council Bluffs, Iowa, is steady at -2N; Decatur, Illinois, is steady at +10N; Mitchell, South Dakota, is steady at -31N; Blair, Nebraska, is steady at +5N; Hastings, Nebraska, is steady at -37N; Lincoln, Nebraska, is steady at -25N; Garden City, Kansas, is steady at option the N; Columbus, Nebraska, is 4 cents stronger at +2N; and Marshall, Minnesota, is steady at -32N.

SOYBEAN:

The national average soybean basis for Thursday was 51 cents under the July futures, 1 cent stronger than Wednesday's basis. PNW basis for October is steady at +85X. CIF basis is steady at +62N and track St. Louis is 3 cents weaker at +13N. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is steady at -2N; St. Paul, Minnesota, is steady -35N and basis on the Illinois River at Havana, Illinois, is 1 cent stronger at -9N. Baton Rouge is in minor flood stage at 36.73 feet above zero gauge and falling slowly with current forecast river will be in minor flood stage at least through May 30. Processors are mixed with Council Bluffs, Iowa, 5 cents weaker at -10N; Cedar Rapids, Iowa, is 5 cents weaker at -10N; Sioux City is steady at -5N; Decatur, Illinois, is 3 cents weaker at +5N; Volga, South Dakota, is at -32N; Spiritwood, North Dakota, is 10 cents weaker at -45N; Hastings, Nebraska, is steady at -77K; Lincoln, Nebraska, is steady at -10N; Aberdeen, South Dakota, is 10 cents weaker at -45N; Mitchell, South Dakota, is steady at -70N; and Mankato, Minnesota, is steady at option the N. BN secondary shuttle freight for returns is bid minus $100 under against offers of even money, LH May is bid minus $100 offers of plus 50 over. UP secondary freight for returns is bid minus $250 under against offers of minus $150 under and LH May is bid minus $300 under against offers of minus $100 under, while last period May (Mexico) is bid minus $300 under against offers of minus $200 under.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Thursday was 60 cents under the July futures, unchanged from Wednesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Thursday was 69 cents under the Kansas City July futures, unchanged from Wednesday's basis. Spot premiums were mixed with ordinary protein up 7 at +57; 11% through 11.2 is steady at +62; 11.4% is steady at +67; 11.6% was steady at +69; 11.8% was steady at +70; 12% was down 10 at +60; 12.2% was down 3 at +60; 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 steady at +110 and 14% was steady at +140. Gulf bid for 11% protein was steady at +90 with no protein bumps. June PNW 11.5% was up 10 at +125, while the June Texas Gulf basis for 11% was steady at +105. The Wheat Quality Council's 67th Annual Hard Winter Wheat Tour concluded May 15 in Manhattan, Kansas. After three days, scouting 449 fields across the state and some into neighboring Nebraska and Oklahoma, the total weighted average yield for hard winter wheat was estimated at 53.0 bushels per acre (bpa), a nearly 14% increase from 2024. Read more here from DTN Crops Editor Jason Jenkins: https://www.dtnpf.com/….

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Thursday was 24 cents under the Minneapolis July futures, unchanged from 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 at +55; 13.5 proteins were unchanged at +150N to +200N; 14 proteins were up 15 to up 25 at +240 to +275; 14.5% proteins were unchanged to up 50 at +250 to +300; 15% proteins were up 25 to unchanged at +400, and 16% proteins were not quoted. Wheat receipts on the exchange floor were 75 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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