DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was steady at 25 cents under the July futures contract and the DTN National Corn Index was up 2 cents at $4.38. The national average basis for soybeans was 1 cent stronger at 50 cents under the July futures contract, while the DTN National Soybean Index was up 5 cents at $10.17. The national average basis for hard red winter (HRW) wheat was 1 cent stronger at 67 cents under the July futures contract, and the DTN National Hard Red Winter Wheat Index was unchanged at $4.73. The national average basis for hard red spring (HRS) wheat was 1 cent stronger at 23 cents under the MIAX Minneapolis July futures contract, and the DTN National Hard Red Spring Wheat Index was down 3 cents at $5.77.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.38	$0.02	-$0.25	Jul	$0.001
Soybeans:	$10.17	$0.05	-$0.50	Jul	$0.005
SRW Wheat:	$4.87	-$0.04	-$0.57	Jul	$0.009
HRW Wheat:	$4.73	$0.00	-$0.67	Jul	$0.008
HRS Wheat:	$5.77	-$0.03	-$0.23	Jul	$0.005

CORN:

The national average corn basis for Thursday was 25 cents under the July futures, unchanged from Wednesday's basis. PNW basis is steady at +115N and Hereford, Texas, for June is steady at +100N. CIF basis is 5 cents stronger at +67N and track St. Louis is 2 cents stronger at +27N. Processors are mixed 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 7 cents stronger at -30N; 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 Thursday was 50 cents under the July futures, 1 cent stronger than Wednesday's basis. PNW basis for October is steady at +90X. CIF basis is steady at +63N and track St. Louis is steady at +15N. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is steady 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 mixed 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 5 cents stronger at -72N; 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 bid minus $50 under against no offers, May is minus $50 under against no offers and June is bid even money against offers of plus 100 over. UP secondary freight for returns is not bid or offered, May is not bid 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 Thursday was 57 cents under the July futures, 1 cent stronger than Wednesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Thursday was 67 cents under the Kansas City July futures, 1 cent stronger than Wednesday'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 steady at +85; 13.4% was steady 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 steady 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 Thursday was 23 cents under the MIAX Minneapolis July futures, 1 cent stronger than Wednesday'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 at +40B* to +50A*; 13% proteins were not quoted; 13.5 proteins were unchanged at +180N to +190N; 14 proteins were up 10 at +250; 14.5% proteins were unchanged at +300N; 15% proteins were unchanged to down 10 at +400, and 16% proteins were not quoted. Wheat receipts on the exchange floor were 55 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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