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 5 cents at $4.07. The national average basis for soybeans was steady at 57 cents under the July futures contract, while the DTN National Soybean Index was down 7 cents at $10.11. The national average basis for hard red winter (HRW) wheat was steady at 58 cents under the July futures contract, while the DTN National Hard Red Winter Wheat Index was down 8 cents at $5.08. The national average basis for hard red spring (HRS) wheat was 2 cents weaker at 28 cents under the MIAX Minneapolis July futures contract, while the DTN National Hard Red Spring Wheat Index was down 9 cents at $6.11.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.07	-$0.05	-$0.22	Jul	-$0.001
Soybeans:	$10.11	-$0.07	-$0.57	Jul	-$0.002
SRW Wheat:	$5.19	-$0.07	-$0.49	Jul	-$0.004
HRW Wheat:	$5.06	-$0.08	-$0.58	Jul	$0.002
HRS Wheat:	$6.11	-$0.09	-$0.28	Jul	-$0.014

CORN:

The national average corn basis for Friday was 22 cents under the July futures, unchanged from Wednesday's basis. PNW basis is for July is steady at +120N and Hereford, Texas, is steady at +110N. CIF basis is steady at +67N 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 1 cent stronger at +5N; Decatur, Illinois, is steady at +8N; Mitchell, South Dakota, is steady at -24N; Blair, Nebraska, is 1 cent stronger at +7N; Hastings, Nebraska, is 7 cents stronger at -20N; Lincoln, Nebraska, is 2 cents stronger at -18N; 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 Friday was 57 cents under the July futures, unchanged from Wednesday's basis. PNW basis for October is steady at +105X. CIF basis is 6 cents weaker at +57N and track St. Louis is 10 cents weaker at +15N. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 1 cent weaker at -33X; 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 steady 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 steady at -65X; Hastings, Nebraska, is steady at -72N; Lincoln, Nebraska, is at -35X; Aberdeen, South Dakota, is steady at -50X; Mitchell, South Dakota, is 1 cent weaker at -88N; and Mankato, Minnesota, is 5 cents weaker at -40X. BN secondary shuttle freight for returns is not bid or offered, June is bid even money against no offers and FH July is bid minus $50 under against offers of even money. UP secondary freight for returns is not bid or offered, June is bid minus $300 under against offers of minus $200 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 Friday was 49 cents under the July futures, 1 cent weaker than Wednesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Friday was 58 cents under the Kansas City July futures, unchanged from Wednesday's basis. Spot premiums were steady to higher with ordinary protein up 10 at +75; 11% through 11.2 is up 10 at +75; 11.4% is up 8 at +75; 11.6% was up 6 at +75; 11.8% was steady at +85; 12% was through 12.8% was steady at +104; 13% was steady at +75;13.2% is steady at +85; 13.4% is steady at +92; 13.^5 is steady at +95; 13.8% was steady at +110 and 14% was steady at +192. Gulf bid for spot 11% protein was steady 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. U.S. Wheat Associates reported on Friday "Extreme heat is moving across the U.S., with temperatures reaching triple digits. HRW harvest is slowly moving again after heavy rain slowed progress from Texas to Kansas. Rain also delayed SRW harvest. Here is a link to my story about quality concerns in the new crop: https://www.dtnpf.com/…

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Friday was 28 cents under the MIAX Minneapolis July futures, 2 cents weaker than 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 not quoted; 13% proteins were not quoted; 13.5 proteins were down 25 to unchanged at +95* to +135N; 14 proteins were down 5 to unchanged at +120* to +140; 14.5% proteins were up 5 to up 20 at +160B to +175; 15% proteins were down 10 to down 15 at +200 to +250, and 16% proteins were not quoted. Wheat receipts on the exchange floor were 72 cars, which included two 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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