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 up 6 cents at $4.22. The national average basis for soybeans was 4 cents weaker at 58 cents under the July futures contract, while the DTN National Soybean Index was up 24 cents at $10.12. The national average basis for hard red winter (HRW) wheat was steady at 60 cents under the July futures contract, while the DTN National Hard Red Winter Wheat Index was up 18 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, while the DTN National Hard Red Spring Wheat Index was up 14 cents at $6.11.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.22	$0.06	-$0.22	Jul	$0.000
Soybeans:	$10.12	$0.24	-$0.58	Jul	-$0.031
SRW Wheat:	$4.96	$0.16	-$0.47	Jul	-$0.009
HRW Wheat:	$4.81	$0.18	-$0.60	Jul	-$0.002
HRS Wheat:	$6.11	$0.14	-$0.23	Jul	$0.000

CORN:

The national average corn basis for Friday was 22 cents under the July futures, unchanged from Thursday's basis. PNW basis is $2 stronger at +118N and Hereford, Texas, is steady at +110N. CIF basis is steady at +66N and track St. Louis is steady at +27N. Processors are mixed with Cedar Rapids, Iowa, steady at -1N; Fort Dodge, Iowa, is steady at -12N; Council Bluffs, Iowa, is steady at +2N; Decatur, Illinois, is 3 cents stronger at +8N; Mitchell, South Dakota, is steady at -24N; Blair, Nebraska, is 1 cent stronger at +6N; Hastings, Nebraska, is steady at -27N; Lincoln, Nebraska, is steady at -20N; Garden City, Kansas, is steady at option the N; Columbus, Nebraska, is 2 cents stronger the +2N; and Marshall, Minnesota, is steady at -12U.

SOYBEAN:

The national average soybean basis for Friday was 58 cents under the July futures, 4 cents weaker than Thursday's basis. PNW basis for October is up $5 at +105X. CIF basis is down 4 cents at +66N and track St. Louis is down 2 cents at +25N. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 4 cents weaker at -31X; St. Paul, Minnesota, is 5 cents weaker at -35N and basis on the Illinois River at Havana, Illinois, is steady at -2N. More processors moved to X already. Council Bluffs, Iowa, is 10 cents weaker at -15X; Cedar Rapids, Iowa, is 10 cents weaker at -20X; Sioux City is steady at –15X Decatur, Illinois, is steady at +20N; Volga, South Dakota, is at -40X; Spiritwood, North Dakota, is at -65X; Hastings, Nebraska, is steady at -72N; Lincoln, Nebraska, is at -35X; Aberdeen, South Dakota, is steady at -38X; Mitchell, South Dakota, is 21 cents weaker at -81N; and Mankato, Minnesota, is steady at -40X. BN secondary shuttle freight for returns is bid plus $100 over against no offers, LH June is bid plus $50 over against offers of plus $150 over and July is bid even money against offers of plus $100 over. UP secondary freight for returns is minus $350 under against offers of minus $250 under, LH 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 Friday was 47 cents under the July futures, unchanged from Thursday's basis

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Friday was 60 cents under the Kansas City July futures, unchanged from Thursday'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 up 22 at +192. Gulf bid for spot 11% protein was down 10 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. U.S. Wheat Associates on Friday said in their weekly harvest report that Harvest is progressing, but scattered showers have caused delays from Texas to southern Kansas, where test cutting is now underway. The HRW crop is now 6% harvested. Nebraska's crop is turning color with harvest expected to start in 10-14 days. Montana and the PNW report accelerated crop development due to heat and dryness. The Gulf-exportable crop is 93% headed while the PNW-exportable crop is 62%.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Friday was 23 cents under the MIAX Minneapolis July futures, unchanged from Thursday'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 +125N to +150N; 14 proteins were down 10 to unchanged at +170 to +185N; 14.5% proteins were unchanged at +260N; 15% proteins were down 20 to down 25 at +190 to +300, and 16% proteins were not quoted. Wheat receipts on the exchange floor were 11 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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