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 10 cents at $4.13. The national average basis for soybeans was 1 cent stronger at 57 cents under the July futures contract, while the DTN National Soybean Index was up 1 cent at $10.13. The national average basis for hard red winter (HRW) wheat was 1 cent stronger at 59 cents under the July futures contract, while the DTN National Hard Red Winter Wheat Index was down 4 cents at $4.77. The national average basis for hard red spring (HRS) wheat was 1 cent weaker at 24 cents under the MIAX Minneapolis July futures contract, while the DTN National Hard Red Spring Wheat Index was down 12 cents at $5.99.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.13	-$0.10	-$0.22	Jul	$0.001
Soybeans:	$10.13	$0.01	-$0.57	Jul	$0.008
SRW Wheat:	$4.90	-$0.07	-$0.47	Jul	$0.004
HRW Wheat:	$4.77	-$0.04	-$0.59	Jul	$0.011
HRS Wheat:	$5.99	-$0.12	-$0.24	Jul	-$0.003

CORN:

The national average corn basis for Monday was 22 cents under the July futures, unchanged from Friday's basis. PNW basis is steady at +118N and Hereford, Texas, is $5 weaker at +105N. CIF basis is steady at +66N and track St. Louis is 1 cent weaker at +28N. Processors are mixed with Cedar Rapids, Iowa, steady at -1N; Fort Dodge, Iowa, 2 cents stronger at -10N; Council Bluffs, Iowa, is 2 cents stronger at +4N; Decatur, Illinois, is 3 cents stronger at +8N; Mitchell, South Dakota, is steady at -24N; Blair, Nebraska, is 2 cents weaker at +4N; 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 Monday was 57 cents under the July futures, 1 cent stronger than Friday's basis. PNW basis for October is up $5 at +105X. CIF basis is down 3 cents at +63N and track St. Louis is down 4 cents at +21N. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is steady at -31X; St. Paul, Minnesota, is 7 cents weaker at -42N and basis on the Illinois River at Havana, Illinois, is 3 cents weaker at -5N. More processors moved to X already. Council Bluffs, Iowa, is 3 cents weaker at -18X; Cedar Rapids, Iowa, is steady at -20X; Sioux City is steady at --15X; Decatur, Illinois, is steady at +20N; Volga, South Dakota, is steady at -40X; Spiritwood, North Dakota, is at -65X; Hastings, Nebraska, is steady at -72N; Lincoln, Nebraska, is at -35X; Aberdeen, South Dakota, is 22 cents weaker at -38X; Mitchell, South Dakota, is steady at -81N; and Mankato, Minnesota, is steady at -40X. BN secondary shuttle freight for returns is bid plus $50 over against no offers, LH June is bid plus $50 over against offers of plus $250 over and July is bid even money against offers of plus $100 over. UP secondary freight for returns is minus $300 under against no offers, 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 Monday was 47 cents under the July futures, unchanged from Friday's basis

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Monday was 59 cents under the Kansas City July futures, 1 cent stronger than Friday's basis. Spot premiums were steady to higher with ordinary protein at +60; 11% through 11.2 is steady at +65; 11.4% is steady at +67; 11.6% was steady at +69; 11.8% was steady at +85; 12% was through 12.8% was up 4 at +104; 13% through 13.8% was steady at +120 and 14% was steady at +192. Gulf bid for spot 11% protein was down 11 at +99 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 on Monday reported that HRW wheat harvest was slow at only 10% vs 16% average. Oklahoma is at 30% versus 46% average, Kansas at 3% versus 11% average. SRW wheat is also behind with Illinois at 1% versus 15% average and Missouri at 13% versus 22% average. The overall good to excellent condition was down 2 percentage points from last week at 52%.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Monday was 24 cents under the MIAX Minneapolis July futures, 1 cent weaker 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 unchanged at +125N to +180N; 14 proteins were up 5 to down 5 at +175 to +180; 14.5% proteins were down 45 at +215; 15% proteins were up 50 to unchanged at +240 to +300, and 16% proteins were not quoted. Wheat receipts on the exchange floor were 45 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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