DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was steady at 24 cents under the July futures contract and the DTN National Corn Index was down 4 cents at $4.23. The national average basis for soybeans was steady at 49 cents under the July futures contract, while the DTN National Soybean Index was up 3 cents at $10.02. The national average basis for hard red winter (HRW) wheat was steady at 66 cents under the July futures contract, and the DTN National Hard Red Winter Wheat Index was up 7 cents at $4.66. 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 up 13 cents at $5.93.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.23	-$0.04	-$0.24	Jul	-$0.001
Soybeans:	$10.02	$0.03	-$0.49	Jul	$0.000
SRW Wheat:	$4.80	$0.05	-$0.54	Jul	$0.011
HRW Wheat:	$4.66	$0.07	-$0.66	Jul	$0.003
HRS Wheat:	$5.93	$0.13	-$0.23	Jul	$0.003

CORN:

The national average corn basis for Thursday was 24 cents under the July futures, unchanged from Wednesday's basis. PNW basis is steady at +114N and Hereford, Texas, for June is steady at +100N. CIF basis is steady at +68N 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 2 cents stronger at +2N; Decatur, Illinois, is steady at +4N; Mitchell, South Dakota, is steady at -26N; Blair, Nebraska, is steady 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 Thursday was 49 cents under the July futures, unchanged from 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 +1N; St. Paul, Minnesota, is steady at -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 +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 not bid or offered, FH June is bid even money against offer of plus $50 over and LH June is bid even money against offers of plus 50 over. UP secondary freight for returns is bid minus $350 under against offers of minus $200 under, FH June is not bid against offers of plus $50 over, while LH June is not bid against offers of plus $50 over.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Thursday was 54 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 66 cents under the Kansas City July futures, unchanged from 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 +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.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Thursday was 23 cents under the MIAX 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 July MIAX spring wheat futures: 12% proteins were not quoted; 13% proteins were down 75 to up 10 at +65 to +150; 13.5 proteins were down 75 to up 10 at +90 to +165; 14 proteins were unchanged at +200N to 250N; 14.5% proteins were not quoted; 15% proteins were up 10 to down 10 at +350 to +400, and 16% proteins were steady at 420N. Wheat receipts on the exchange floor were 44 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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