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 2 cents at $4.12. The national average basis for soybeans was 1 cent weaker at 57 cents under the July futures contract, while the DTN National Soybean Index was unchanged at $10.18. The national average basis for hard red winter (HRW) wheat was 1 cent stronger at 58 cents under the July futures contract, while the DTN National Hard Red Winter Wheat Index was up 24 cents at $5.13. The national average basis for hard red spring (HRS) wheat was 2 cents weaker at 26 cents under the MIAX Minneapolis July futures contract, while the DTN National Hard Red Spring Wheat Index was up 13 cents at $6.20.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.12	$0.02	-$0.22	Jul	$0.000
Soybeans:	$10.18	$0.00	-$0.57	Jul	-$0.008
SRW Wheat:	$5.26	$0.25	-$0.48	Jul	-$0.007
HRW Wheat:	$5.13	$0.24	-$0.58	Jul	$0.008
HRS Wheat:	$6.20	$0.13	-$0.26	Jul	-$0.025

CORN:

The national average corn basis for Wednesday was 22 cents under the July futures, unchanged from Tuesday's basis. PNW basis for July is 2 cents stronger at +120N and Hereford, Texas, is 5 cents stronger at +110N. CIF basis is steady at +66N and track St. Louis is steady at +26N. Processors are mixed with Cedar Rapids, Iowa, steady 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 1 cent stronger at +7N; 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 Wednesday was 57 cents under the July futures, 1 cent weaker than Tuesday's basis. PNW basis for October is steady at +105X. CIF basis is steady at +63N and track St. Louis is 4 cents stronger at +25N. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is steady at -32X; St. Paul, Minnesota, is steady at -45N and basis on the Illinois River at Havana, Illinois, is steady at -10N. Some processors moved to X already. Council Bluffs, Iowa, is steady at -25X; Cedar Rapids, Iowa, is 5 cents weaker at -25X; Sioux City is steady at --15X; Decatur, Illinois, is steady at +20X; 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 steady at -50X; Mitchell, South Dakota, is steady at -87N; and Mankato, Minnesota, is 5 cents stronger at -35X. BN secondary shuttle freight for returns is not bid or offered, June is bid plus $100 over against offers of plus $200 over and July is bid even money against offers of plus $100 over. UP secondary freight for returns is not bid or offered, June is bid minus 300 under against offers of minus $150 under, while July is bid minus $300 under against offers of minus $200 under.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Wednesday was 48 cents under the July futures, unchanged from Tuesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Wednesday was 58 cents under the Kansas City July futures, 1 cent stronger than Tuesday's basis. Spot premiums were steady to higher with ordinary protein up 5 at +65; 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 steady at +130, while the June Texas Gulf basis for 11% was steady at +115.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Wednesday was 26 cents under the MIAX Minneapolis July futures, 2 cents weaker than Wednesday 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 5 to up 10 at +120 to +135; 14 proteins were down 25 to down 15 at +125 to +150; 14.5% proteins were unchanged at +215N; 15% proteins were unchanged to down 15 at +210 to +250, and 16% proteins were not quoted. Wheat receipts on the exchange floor were 80 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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