DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was 1 cent stronger at 21 cents under the July futures contract while the DTN National Corn Index was down 9 cents at $3.98. The national average basis for soybeans was 2 cents weaker at 59 cents under the July futures contract, while the DTN National Soybean Index was down 11 cents at $9.99. The national average basis for hard red winter (HRW) wheat was 1 cent stronger at 57 cents under the July futures contract, while the DTN National Hard Red Winter Wheat Index was down 13 cents at $4.93. The national average basis for hard red spring (HRS) wheat was steady at 28 cents under the MIAX Minneapolis July futures contract, while the DTN National Hard Red Spring Wheat Index was down 13 cents at $5.98.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$3.98	-$0.09	-$0.21	Jul	$0.008
Soybeans:	$9.99	-$0.11	-$0.59	Jul	-$0.021
SRW Wheat:	$5.05	-$0.14	-$0.48	Jul	$0.008
HRW Wheat:	$4.93	-$0.13	-$0.57	Jul	$0.004
HRS Wheat:	$5.98	-$0.13	-$0.28	Jul	-$0.007

CORN:

The national average corn basis for Monday was 21 cents under the July futures, 1 cent stronger than Thursday'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 2 cents weaker at +24N. Processors are mixed with Cedar Rapids, Iowa, steady at option the N; Fort Dodge, Iowa, is steady at -10N; Council Bluffs, Iowa, is 3 cents stronger at +8N; Decatur, Illinois, is steady at +8N; Mitchell, South Dakota, is steady at -24N; Blair, Nebraska, is 3 cents stronger at +10N; Hastings, Nebraska, is steady at -20N; Lincoln, Nebraska, is steady at -18N; Garden City, Kansas, is steady at option the N; Columbus, Nebraska, is 8 cents stronger at +10N; and Marshall, Minnesota, is steady at -12U.

SOYBEAN:

The national average soybean basis for Monday was 59 cents under the July futures, 2 cents weaker than Thursday's basis. PNW basis for October is steady at +105X. CIF basis is steady at +57N and track St. Louis is steady at +15N. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is steady 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 stronger at -87N; and Mankato, Minnesota, is steady 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 Monday was 48 cents under the July futures, 1 cent stronger than Thursday's basis

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Monday was 57 cents under the Kansas City July futures, 1 cent stronger than Thursday's basis. Spot premiums were steady to higher with ordinary protein up 10 at +75; 11% through 11.2 is steady at +75; 11.4% is steady at +75; 11.6% was steady 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. In Monday's crop progress report, USDA said as of Jume 22, the overall good to excellent rating for winter wheat was at 49% down 3 percentage points from last week. Hard red winter wheat states basically were the reason for the lower rating with Oklahoma, Kansas, Colorado and Montana all showing lower ratings versus last week. Here is a link to my story about quality concerns in the new crop winter wheat: https://www.dtnpf.com/…

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Monday was 28 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 to down 5 at +95N to +130; 14 proteins were unchanged to up unchanged to up 10 at +120N to +150; 14.5% proteins were not quoted; 15% proteins were up 20 to down 20 at +220 to +230, and 16% proteins were at 210B against 400A. Wheat receipts on the exchange floor were 35 cars, which included zero(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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