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 3 cents at $4.10. The national average basis for soybeans was 1 cent stronger at 56 cents under the July futures contract, while the DTN National Soybean Index was up 5 cents at $10.18. The national average basis for hard red winter (HRW) wheat was steady at 59 cents under the July futures contract, while the DTN National Hard Red Winter Wheat Index was up 12 cents at $4.89. The national average basis for hard red spring (HRS) wheat was steady at 24 cents under the MIAX Minneapolis July futures contract, while the DTN National Hard Red Spring Wheat Index was up 8 cents at $6.07.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.10	-$0.03	-$0.22	Jul	$0.005
Soybeans:	$10.18	$0.05	-$0.56	Jul	$0.004
SRW Wheat:	$5.01	$0.12	-$0.48	Jul	-$0.007
HRW Wheat:	$4.89	$0.12	-$0.59	Jul	$0.005
HRS Wheat:	$6.07	$0.08	-$0.24	Jul	-$0.002

CORN:

The national average corn basis for Tuesday was 22 cents under the July futures, unchanged from Monday's basis. PNW basis is steady at +118N and Hereford, Texas, is steady at +105N. CIF basis is steady at +66N and track St. Louis is 2 cents weaker at +26N. Processors are mixed with Cedar Rapids, Iowa, 1 cent stronger at option the N; Fort Dodge, Iowa, is steady at -10N; Council Bluffs, Iowa, is steady at +4N; Decatur, Illinois, is steady at +8N; Mitchell, South Dakota, is steady at -24N; Blair, Nebraska, is 2 cents 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 steady the +2N; and Marshall, Minnesota, is steady at -12U.

SOYBEAN:

The national average soybean basis for Tuesday was 56 cents under the July futures, 1 cent stronger than Monday's basis. PNW basis for October is steady at +105X. CIF basis is steady at +63N and track St. Louis is steady at +21N. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 1 cent weaker at -32X; St. Paul, Minnesota, is 3 cents weaker at -45N and basis on the Illinois River at Havana, Illinois, is 5 cents weaker at -10N. Some processors moved to X already. Council Bluffs, Iowa, is 7 cents weaker at -25X; 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 12 cents weaker at -50X; Mitchell, South Dakota, is 7 cents weaker at -88N; 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 Tuesday was 48 cents under the July futures, 1 cent weaker than Monday's basis

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Tuesday was 59 cents under the Kansas City July futures, unchanged from Monday's basis. Spot premiums were steady 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 steady at +104; 13% through 13.8% was steady at +120 and 14% was steady at +192. Gulf bid for spot 11% protein was down 9 at +90 with no protein bumps. June PNW 11.5% was up 5 at +130, while the June Texas Gulf basis for 11% was steady at +115. Algeria was reported to have purchased 510,000 metric tons of milling wheat and price reflects it may be Black Sea origins.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Tuesday was 24 cents under the MIAX Minneapolis July futures, unchanged from Monday'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 to down 25 at +125; 14 proteins were down 25 at +150 to +155; 14.5% proteins were down 45 at +215; 15% proteins were down 30 to down 50 at +210 to +250, and 16% proteins were not quoted. Wheat receipts on the exchange floor were 55 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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