DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was 1 cent stronger at 26 cents under the July futures contract and the DTN National Corn Index was up 5 cents at $4.22. The national average basis for soybeans was steady at 51 cents under the July futures contract, while the DTN National Soybean Index was unchanged at $9.99. The national average basis for hard red winter (HRW) wheat was steady at 68 cents under the July futures contract, and the DTN National Hard Red Winter Wheat Index was up 6 cents at $4.54. The national average basis for hard red spring (HRS) wheat was steady at 24 cents under the MIAX Minneapolis July futures contract, and the DTN National Hard Red Spring Wheat Index was up 12 cents at $5.61.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.22	$0.05	-$0.26	Jul	$0.006
Soybeans:	$9.99	$0.00	-$0.51	Jul	-$0.003
SRW Wheat:	$4.69	$0.04	-$0.60	Jul	$0.000
HRW Wheat:	$4.54	$0.06	-$0.68	Jul	-$0.001
HRS Wheat:	$5.61	$0.12	-$0.24	Jul	-$0.003

CORN:

The national average corn basis for Monday was 26 cents under the July futures, 1 cent stronger than Friday's basis. PNW basis is steady at +115K and Hereford, Texas, for June is 5 cents stronger at +105K. CIF basis is 2 cents stronger at +67N and track St. Louis is 5 cents stronger at +25N. Processors are mixed with Cedar Rapids, Iowa, steady at -3N; Fort Dodge, Iowa, is steady at -15N; Council Bluffs, Iowa, is 2 cents stronger at option the N; Decatur, Illinois, is steady at +10N; Mitchell, South Dakota, is steady at -29N; 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 steady at +2N; and Marshall, Minnesota, is 2 cents stronger at -30N.

SOYBEAN:

The national average soybean basis for Monday was 51 cents under the July futures, unchanged from Friday's basis. PNW basis for October is up $5 at +90X. 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 2 cents stronger at -1N; St. Paul, Minnesota, is steady -35N and basis on the Illinois River at Havana, Illinois, is 1 cent stronger at -7N. Processors are mixed with Council Bluffs, Iowa, steady at -25N; Cedar Rapids, Iowa, is 10 cents weaker at -20N; Sioux City is steady at -5N; Decatur, Illinois, is steady at +5N; Volga, South Dakota, is at -32N; Spiritwood, North Dakota, is 5 cents weaker at -50N; Hastings, Nebraska, is steady at -77K; Lincoln, Nebraska, is steady at -10N; Aberdeen, South Dakota, is steady at -45N; Mitchell, South Dakota, is steady at -70N; and Mankato, Minnesota, is steady at option the N.

SOFT RED WINTER WHEAT:

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

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Monday was 68 cents under the Kansas City July futures, unchanged from Friday's basis. Spot premiums were steady with ordinary protein steady 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 steady at +60; 12.2% was steady at +60; 12.4% through 12.8% was steady at +67; 13% through 13.2% was steady at +75; 13.4% was steady at +90; 13.6 was steady at +95; 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 steady at +125, while the June Texas Gulf basis for 11% was 10 cents stronger at +110. USDA said in Monday's Crop Progress Report that as of May 18, good to excellent winter wheat ratings were down -2% to 52%. HRW wheat states of Texas and Colorado and Montana showed a decline in conditions. In export news, South Korea bought 50,000 mt of US milling wheat and talk continues that US HRW wheat sales are being made for new crop both out of the gulf and off the PNW.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Monday was 24 cents under the MIAX Minneapolis July futures, unchanged from Friday'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 +175N; 14 proteins were unchanged +275N; 14.5% proteins were up 30 at +300; 15% proteins unchanged at +410N, and 16% proteins were not quoted. Wheat receipts on the exchange floor were 17 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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