DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was 1 cent stronger at 23 cents under the July futures contract and the DTN National Corn Index was up 1 cent at $4.16. The national average basis for soybeans was steady at 48 cents under the July futures contract, while the DTN National Soybean Index was up 6 cents at $10.04. The national average basis for hard red winter (HRW) wheat was steady at 61 cents under the July futures contract, and the DTN National Hard Red Winter Wheat Index was up 2 cents at $4.81. 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 1 cents at $6.02.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.16	$0.01	-$0.23	Jul	$0.005
Soybeans:	$10.04	$0.06	-$0.48	Jul	-$0.003
SRW Wheat:	$4.97	$0.02	-$0.48	Jul	$0.002
HRW Wheat:	$4.81	$0.02	-$0.61	Jul	-$0.004
HRS Wheat:	$6.02	$0.01	-$0.23	Jul	-$0.004

CORN:

The national average corn basis for Thursday was 23 cents under the July futures, 1 cent stronger than Wednesday's basis. PNW basis is steady at +112N, July is $5 stronger at +117N and Hereford, Texas, is steady at +105N. CIF basis is steady at +64N and track St. Louis is steady at +27N. Processors are mixed with Cedar Rapids, Iowa, steady at -1N; Fort Dodge, Iowa, is steady at -13N; Council Bluffs, Iowa, is steady at +2N; Decatur, Illinois, is steady at +5N; Mitchell, South Dakota, is 2 cents stronger at -24N; Blair, Nebraska, is steady at +5N; Hastings, Nebraska, is 5 cents weaker at -40N; Lincoln, Nebraska, is steady at -25N; Garden City, Kansas, is steady at option the N; Columbus, Nebraska, is 5 cents stronger at option the N; and Marshall, Minnesota, is steady at -25N.

SOYBEAN:

The national average soybean basis for Thursday was 48 cents under the July futures, unchanged from Wednesday's 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 1 cent stronger at +11N; St. Paul, Minnesota, is steady at -30N and basis on the Illinois River at Havana, Illinois, is steady at option the N. Processors are mixed with Council Bluffs, Iowa, steady at -10N; Cedar Rapids, Iowa, is steady at -15N; Sioux City is 5 cents weaker at -10N; Decatur, Illinois, is steady at +20N; Volga, South Dakota, is steady at -27N; Spiritwood, North Dakota, is steady at -42N; Hastings, Nebraska, is 2 cents stronger at -72N; Lincoln, Nebraska, is steady at -10N; Aberdeen, South Dakota, is steady at -50N; Mitchell, South Dakota, is 1 cent stronger at -65N; and Mankato, Minnesota, is steady at option the N. BN secondary shuttle freight for returns is bid plus $100 over against offers of plus $200 over, FH June is plus $100 over against no offers, LH June is bid plus $50 over against offers of plus $150 over and July is bid minus $100 under against offers of even money. UP secondary freight for returns is not bid against offers of minus $200 under, June is not bid against offers of minus $200 under, while July is bid minus $300 under against offers of minus $200 under.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Thursday was 48 cents under the July futures, unchanged from Wednesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Thursday was 61 cents under the Kansas City July futures, unchanged from Wednesday's basis. Spot premiums were steady with ordinary protein mixed 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 up 20 at +180. 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 not quoted; 13.5 proteins were unchanged at +180N; 14 proteins were unchanged to up 5 at +200 to +205; 14.5% proteins were at +210; 15% proteins were down 15 to unchanged at +285 to +325, and 16% proteins were at +350. Wheat receipts on the exchange floor were 44 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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