DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was 1 cent stronger at 25 cents under the July futures contract and the DTN National Corn Index was up 7 cents at $4.36. The national average basis for soybeans was steady at 51 cents under the July futures contract, while the DTN National Soybean Index was up 9 cents at $10.12. 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 5 cents at $4.73. 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 7 cents at $5.81.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.36	$0.07	-$0.25	Jul	$0.007
Soybeans:	$10.12	$0.09	-$0.51	Jul	-$0.003
SRW Wheat:	$4.91	$0.03	-$0.58	Jul	$0.001
HRW Wheat:	$4.73	$0.05	-$0.68	Jul	$0.003
HRS Wheat:	$5.81	$0.07	-$0.24	Jul	$0.002

CORN:

The national average corn basis for Wednesday was 25 cents under the July futures, 1 cent stronger than Tuesday's basis. PNW basis is steady at +115N and Hereford, Texas, for June is steady at +100N. CIF basis is steady at +62N and track St. Louis is steady at +25N. Processors are steady with Cedar Rapids, Iowa, steady at option the N; Fort Dodge, Iowa, is steady at -15N; Council Bluffs, Iowa, is steady at option the N; Decatur, Illinois, is steady at +4N; Mitchell, South Dakota, is steady at -29N; Blair, Nebraska, is steady 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 steady at +2N; and Marshall, Minnesota, is steady at -30N.

SOYBEAN:

The national average soybean basis for Wednesday was 51 cents under the July futures, unchanged from Tuesday's basis. PNW basis for October is steady at +90X. CIF basis is steady at +60N and track St. Louis is steady at +15N. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 1 cent stronger at option the N; St. Paul, Minnesota, is steady -35N and basis on the Illinois River at Havana, Illinois, is steady at -5N. Processors are steady with Council Bluffs, Iowa, steady at -10N; Cedar Rapids, Iowa, is steady at -20N; Sioux City is steady at -5N; Decatur, Illinois, is steady at +10N; Volga, South Dakota, is at -32N; Spiritwood, North Dakota, is steady 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. BN secondary shuttle freight for returns is not bid or offered, May is bid minus $200 under against offers of minus $50 under and June is bid minus $50 offers of plus 50 over. UP secondary freight for returns is not bid or offered, May is bid minus $300 under against offers of minus $150 under, while June is bid minus $300 under against offers of minus $150 under.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Wednesday was 58 cents under the July futures, unchanged from Tuesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Wednesday was 68 cents under the Kansas City July futures, unchanged from Tuesday'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% is steady at +75; 13.2% was up 10 at +85; 13.4% was up 2 at +92; 13.6 was steady at +95; 13.8% was steady at +110 and 14% was steady at +165. Gulf bid for spot 11% protein was up 20 at +110 with no protein bumps. June PNW 11.5% was steady at +125, while the June Texas Gulf basis for 11% was steady at +115.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Wednesday was 24 cents under the MIAX Minneapolis July futures, unchanged from Tuesday's basis. The MIAX Futures Exchange, LLC Floor Trading Summary spot milling spring wheat cash premiums closed as follows, based on the July MIAX spring wheat futures: 12% proteins were not quoted; 13% proteins were not quoted; 13.5 proteins were unchanged at +180* to +190; 14 proteins were down 10 at +240; 14.5% proteins were unchanged at +300N; 15% proteins were up 115 to unchanged at +400 to +410, and 16% proteins were not quoted. Wheat receipts on the exchange floor were 11 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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