DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was steady at 22 cents under the July futures contract while the DTN National Corn Index was down 1 cent at $4.15. The national average basis for soybeans was 3 cents weaker at 51 cents under the July futures contract, and the DTN National Soybean Index was down 11 cents at $9.99. The national average basis for hard red winter (HRW) wheat was steady at 60 cents under the July futures contract, and the DTN National Hard Red Winter Wheat Index was unchanged 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, while the DTN National Hard Red Spring Wheat Index was up 4 cents at $5.94.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.15	-$0.01	-$0.22	Jul	$0.008
Soybeans:	$9.99	-$0.11	-$0.51	Jul	-$0.036
SRW Wheat:	$4.87	$0.00	-$0.47	Jul	$0.005
HRW Wheat:	$4.66	$0.00	-$0.60	Jul	$0.005
HRS Wheat:	$5.94	$0.04	-$0.23	Jul	-$0.001

CORN:

The national average corn basis for Wednesday was 22 cents under the July futures, unchanged from Wednesday's basis. PNW basis is steady at +116N and Hereford, Texas, is $5 stronger at +110N. CIF basis is steady at +67N and track St. Louis is steady at +27N. Processors are mixed with Cedar Rapids, Iowa, steady at -1N; Fort Dodge, Iowa, is 1 cent stronger at -12N; Council Bluffs, Iowa, is steady at +2N; Decatur, Illinois, is steady at +5N; Mitchell, South Dakota, is steady at -24N; Blair, Nebraska, is 3 cents stronger at +5N; Hastings, Nebraska, is steady at -27N; Lincoln, Nebraska, is steady at -20N; Garden City, Kansas, is steady at option the N; Columbus, Nebraska, is steady at option the N; and Marshall, Minnesota, moved to U at -12U.

SOYBEAN:

The national average soybean basis for Wednesday was 51 cents under the July futures, 3 cents weaker than Wednesday's basis. PNW basis for October is steady at +100X. CIF basis is steady at +70N and track St. Louis is steady at +27N. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, moved to X at -28X; St. Paul, Minnesota, is steady at -30N and basis on the Illinois River at Havana, Illinois, is 3 cents weaker at +2N. Processors are mixed and some are moving to Q or X already. Council Bluffs, Iowa, is steady at -10N; Cedar Rapids, Iowa, is steady at -15N; Sioux City is 15 cents weaker at -25N; Decatur, Illinois, is steady at +20N; Volga, South Dakota, is 10 cents weaker at -40N; Spiritwood, North Dakota, moved to Q at -55Q; Hastings, Nebraska, is steady at -72N; Lincoln, Nebraska, moved to Q at 35X; Aberdeen, South Dakota, is steady at -50N; Mitchell, South Dakota, is steady at -65N; and Mankato, Minnesota, is steady at option the Q. BN secondary shuttle freight for returns is bid plus $200 over against no offers, FH June is bid even plus $50 over against no offers, LH June is bid plus $50 over against offers of plus $150 over and FH July is bid minus $100 under against offers of minus $50 under. UP secondary freight for returns is not bid against offers of minus $200 under, MP June is bid minus $400 under 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 Wednesday was 47 cents under the July futures, 1 cent stronger than Wednesday's basis

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Wednesday was 60 cents under the Kansas City July futures, unchanged from Wednesday's basis. Spot premiums were mixed with ordinary protein mixed at +60; 11% through 11.2 is 3 cents stronger at +65; 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 +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. On the export front, Taiwan is tendering for 97,000 metric tons of U.S. milling wheat for August.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Wednesday 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 at +35B to +60A; 13% proteins were not quoted; 13.5 proteins were unchanged at +140N; 14 proteins were unchanged at +210; 14.5% proteins were unchanged at +220N; 15% proteins were down 50 to unchanged at +300 to +400, and 16% proteins were not quoted. Wheat receipts on the exchange floor were 37 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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