DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was steady at 23 cents under the July futures contract while the DTN National Corn Index was down 11 cents at $4.11. The national average basis for soybeans was 1 cent stronger at 47 cents under the July futures contract, while the DTN National Soybean Index was down 1 cent at $10.09. The national average basis for hard red winter (HRW) wheat was steady at 61 cents under the July futures contract, while the DTN National Hard Red Winter Wheat Index was down 12 cents at $4.77. The national average basis for hard red spring (HRS) wheat was steady at 23 cents under the MIAX Minneapolis July futures contract, while the DTN National Hard Red Spring Wheat Index was down 13 cents at $5.99.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.11	-$0.09	-$0.23	Jul	$0.003
Soybeans:	$10.09	-$0.01	-$0.47	Jul	$0.003
SRW Wheat:	$4.94	-$0.12	-$0.48	Jul	$0.010
HRW Wheat:	$4.77	-$0.12	-$0.61	Jul	$0.000
HRS Wheat:	$5.99	-$0.13	-$0.23	Jul	$0.002

CORN:

The national average corn basis for Monday was 23 cents under the July futures, unchanged from Friday's basis. PNW basis is steady $1 stronger at +118N and Hereford, Texas, is steady at +105N. CIF basis is 2 cents stronger at +66N and track St. Louis is 2 cents weaker at +2N. 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 steady at -24N; Blair, Nebraska, is 2 cents stronger at +5N; Hastings, Nebraska, is steady at -27N; Lincoln, Nebraska, is 5 cents stronger at -20N; Garden City, Kansas, is steady at option the N; Columbus, Nebraska, is steady at option the N; and Marshall, Minnesota, is steady at -25N.

SOYBEAN:

The national average soybean basis for Monday was 47 cents under the July futures, 1 cent stronger than Friday's basis. PNW basis for October is steady at +100X. CIF basis is 4 cents stronger at +70N and track St. Louis is 6 cent stronger at +26N. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is steady at +13N; St. Paul, Minnesota, is steady at -30N 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 -15N; Sioux City is steady at -10N; Decatur, Illinois, is steady at +20N; Volga, South Dakota, is 3 cents weaker at -30N; Spiritwood, North Dakota, is not quoted; Hastings, Nebraska, is steady 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 $50 over against offers of plus $200 over, FH June is bid even money against no offers, LH June is bid even money against offers of plus $150 over and FH 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, FH June is not bid against offers of minus $200 under, while FH July is not bid against offers of minus $200 under.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Monday was 48 cents under the July futures, 1 cent stronger than Friday's basis

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Monday was 61 cents under the Kansas City July futures, unchanged from Friday'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 down 10 at +170. 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 reported Monday afternoon that winter wheat crop is good to excellent, up 2% to 54%. The crop is 88% headed and 4% harvested as of June 8. Spring wheat ratings were at 53% good to excellent versus the average of 61%, with Montana condition continuing to drop and now at 25% good to excellent, 49% fair and 26% poor.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Monday 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 down 40 at +140; 14 proteins were up 35 to unchanged at +210; 14.5% proteins were unchanged to up 10 20 at +215N to +240; 15% proteins were unchanged to up 75 at +295N to +400, and 16% proteins were unchanged at +350N. Wheat receipts on the exchange floor were 25 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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