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 6 cents at $4.14. The national average basis for soybeans was 1 cent stronger at 49 cents under the July futures contract, while the DTN National Soybean Index was down 7 cents at $9.85. The national average basis for hard red winter (HRW) wheat was 4 cents stronger at 61 cents under the July futures contract, and the DTN National Hard Red Winter Wheat Index was up 10 cents at $4.78. The national average basis for hard red spring (HRS) wheat was steady at 22 cents under the MIAX Minneapolis July futures contract, and the DTN National Hard Red Spring Wheat Index was up 2 cents at $6.06.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.14	-$0.06	-$0.24	Jul	$0.000
Soybeans:	$9.85	-$0.07	-$0.49	Jul	$0.008
SRW Wheat:	$4.89	$0.09	-$0.50	Jul	$0.037
HRW Wheat:	$4.78	$0.10	-$0.61	Jul	$0.035
HRS Wheat:	$6.06	$0.02	-$0.22	Jul	$0.007

CORN:

The national average corn basis for Monday was 24 cents under the July futures, unchanged from Friday basis. PNW basis is steady at +112N and Hereford, Texas, is steady at +105N. CIF basis is steady at +67N and track St. Louis is steady at +27N. Processors are mixed with Cedar Rapids, Iowa, 1 cent weaker at -1N; Fort Dodge, Iowa, is steady at -15N; Council Bluffs, Iowa, is steady at +2N; Decatur, Illinois, is 1 cent stronger at +5N; Mitchell, South Dakota, is steady at -26N; Blair, Nebraska, is steady at +2N; Hastings, Nebraska, is 5 cents weaker at -35N; Lincoln, Nebraska, is steady at -25N; Garden City, Kansas, is steady at option the N; Columbus, Nebraska, is steady at -5N; and Marshall, Minnesota, is steady at -25N.

SOYBEAN:

The national average soybean basis for Monday was 49 cents under the July futures, 1 cent stronger than Friday basis. PNW basis for October is steady at +100X. CIF basis is steady at +66N and track St. Louis is steady at +21N. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 6 cents stronger at +7N; St. Paul, Minnesota, is 5 cents stronger at -30N and basis on the Illinois River at Havana, Illinois, is 5 cents stronger at option the N. 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 5 cents stronger at +20N; Volga, South Dakota, is steady at -27N; Spiritwood, North Dakota, is steady at -45N; Hastings, Nebraska, is 2 cents weaker at -74N; Lincoln, Nebraska, is steady at -10N; Aberdeen, South Dakota, is steady at -50N; Mitchell, South Dakota, is steady at -66N; and Mankato, Minnesota, is steady at option the N. BN secondary shuttle freight for returns is bid even money against no offers, June is bid even money against offer of plus $50 over and July is bid minus $100 under against offers of even money. UP secondary freight for returns is bid minus $300 under against offers of minus $150 under, June is bid minus $300 under against offers of minus $150 under, while July is bid minus $300 under against offers of minus $150 under.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Monday was 50 cents under the July futures, 4 cents stronger than Friday basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Monday was 61 cents under the Kansas City July futures, 4 cents stronger than Friday basis. Spot premiums were mixed with ordinary protein up 3 at +60; 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. USDA said on Monday that as of June 1, winter wheat ratings were better at 52% good-to-excellent, with most HRW states showing improvement. Ratings in the soft red winter wheat states of Illinois and Indiana were lower than one week prior, but Ohio and Michigan were more improved. Spring wheat ratings were up 5 percentage points to 50% good-to-excellent, but Montana is still way behind at 33% good-to-excellent versus their average of 61%.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Monday was 22 cents under the MIAX Minneapolis July futures, unchanged from Friday 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 unchanged at +65N to +150N; 13.5 proteins were unchanged at +90N to +165; 14 proteins were unchanged to down 50 at +200; 14.5% proteins were not quoted; 15% proteins were down 10 at +350, and 16% proteins were steady at 420N. Wheat receipts on the exchange floor were 23 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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