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 unchanged at $4.35. The national average basis for soybeans was steady at 50 cents under the July futures contract, while the DTN National Soybean Index was up 2 cents at $10.12. The national average basis for hard red winter (HRW) wheat was 1 cent stronger at 66 cents under the July futures contract, and the DTN National Hard Red Winter Wheat Index was down 14 cents at $4.58. The national average basis for hard red spring (HRS) wheat was steady at 23 cents under the MIAX Minneapolis July futures contract, and the DTN National Hard Red Spring Wheat Index was down 10 cents at $5.73.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.35	$0.00	-$0.25	Jul	$0.000
Soybeans:	$10.12	$0.02	-$0.50	Jul	-$0.001
SRW Wheat:	$4.72	-$0.14	-$0.56	Jul	$0.005
HRW Wheat:	$4.58	-$0.14	-$0.66	Jul	$0.001
HRS Wheat:	$5.73	-$0.10	-$0.23	Jul	$0.002

CORN:

The national average corn basis for Tuesday was 25 cents under the July futures, unchanged from Friday's basis. PNW basis is steady at +115N and Hereford, Texas, for June is steady at +100N. CIF basis is steady at +69N and track St. Louis is steady 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 3 cents stronger at -26N; Blair, Nebraska, is 4 cents weaker at +2N; Hastings, Nebraska, is steady 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 Tuesday was 50 cents under the July futures, unchanged from Friday'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 1 cent stronger at +1N; 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 +15N; Volga, South Dakota, is steady at -27N; Spiritwood, North Dakota, is steady at -50N; Hastings, Nebraska, is steady 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 even money against offers of plus $100 over, FH June is bid even money against no offers and LH June is bid even money against offers of plus 100 over. UP secondary freight for returns is bid minus $250 under against offers of minus $200 under or offered, FH June (Mexico) is bid minus $400 under against offers of minus $300 under, while LH June is bid minus $300 under against offers of minus $150 under.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Tuesday was 56 cents under the July futures, 1 cent stronger than Friday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Tuesday was 66 cents under the Kansas City July futures, 1 cent stronger than Friday's basis. Spot premiums were mixed 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 down 5 at +160. 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. Monday's delayed crop progress report showed as of May 25, winter wheat ratings declined 2% to 50% good to excellent, with Nebraska and Oklahoma seeing steep declines, with Nebraska down 9% and Oklahoma down 10%. The spring wheat quality rating was well below expectations at 45% good to excellent.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Tuesday was 23 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 July MIAX spring wheat futures: 12% proteins were not quoted; 13% proteins were not quoted; 13.5 proteins were unchanged at +180N to +190N; 14 proteins were down 60 to down 10 at +190 to 240; 14.5% proteins were unchanged at +300N; 15% proteins were down 100 to up 10 at +300 to +410, and 16% proteins were not quoted. Wheat receipts on the exchange floor were 20 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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