DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was steady at 13 cents under the September futures contract while the DTN National Corn Index was down 5 cents at $3.85. The national average basis for soybeans was 1 cent weaker at 49 cents under the November futures contract, while the DTN National Soybean Index was down 4 cents at $9.68. The national average basis for hard red winter (HRW) wheat was 1 cent stronger at 52 cents under the September futures contract, while the DTN National Hard Red Winter Wheat Index was down 4 cents at $4.70. The national average basis for hard red spring (HRS) wheat was 3 cents stronger at 47 cents under the MIAX Minneapolis September futures contract, while the DTN National Hard Red Spring Wheat Index was down 10 cents at $5.83.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$3.85	-$0.05	-$0.13	Sep	$0.004
Soybeans:	$9.68	-$0.04	-$0.49	Nov	-$0.012
SRW Wheat:	$4.92	-$0.01	-$0.55	Sep	$0.001
HRW Wheat:	$4.70	-$0.04	-$0.52	Sep	$0.006
HRS Wheat:	$5.83	-$0.10	-$0.47	Sep	-$0.023

CORN:

The national average corn basis for Tuesday was 13 cents under the September futures, unchanged from Monday's basis. PNW basis is 5 cents stronger at +140U and Hereford, Texas, is steady at +120U. CIF basis is 1 cent stronger at +84U and track St. Louis is steady at +42U. Processors are steady with Cedar Rapids, Iowa, at -3U; Fort Dodge, Iowa, is steady at -5U; Council Bluffs, Iowa, is steady at +15U; Decatur, Illinois, is steady at +15U; Mitchell, South Dakota, is at -20U; Blair, Nebraska, is steady at +15U; Hastings, Nebraska, is steady at -13U; Lincoln, Nebraska, is steady at -10U; Garden City, Kansas, is steady at +5U; Columbus, Nebraska, is steady at +5U; and Marshall, Minnesota, is steady at -12U.

SOYBEAN:

The national average soybean basis for Tuesday was 49 cents under the November futures, 1 cent weaker than Monday's basis. PNW basis for October is steady at +100X. July CIF basis is steady at +82Q and track St. Louis is 7 cents stronger at +45Q. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 10 cents stronger at +29X; St. Paul, Minnesota, is steady at -40Q and basis on the Illinois River at Havana, Illinois, is 2 cents stronger at +7Q. Processors are mixed with Council Bluffs, Iowa, is steady at -5X; Cedar Rapids, Iowa, is steady at -25X; Sioux City is steady at -5X; Decatur, Illinois, is steady at -20X; Volga, South Dakota, is steady at -40X; Spiritwood, North Dakota, is 10 cents stronger at -55X; Hastings, Nebraska, is steady at -72X; Lincoln, Nebraska, is steady at -10X; Aberdeen, South Dakota, is steady at -50X; Mitchell, South Dakota, is 4 cents weaker at -84Q; and Mankato, Minnesota, is steady at -8X. BN secondary shuttle freight for returns is bid plus $100 over against no offers, FH July is bid plus $100 over against no offers and LH July is bid plus $100 over against offers of plus $250 over. UP secondary freight for returns is bid even money against offers of plus $200 over, FH July is bid even money against no offers and LH July is bid even money against offers of plus $100 over.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Tuesday was 55 cents under the September futures, unchanged from Monday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Tuesday was at 52 cents under the Kansas City September futures, 1 cent stronger than Monday's basis. Spot premiums were steady to higher with ordinary protein through 11.2% up 2 at +82;11.4% through 12.2% is up 5 at +85; 12.4% is steady at +85;12.6 is steady at +85; 12.8% was steady at +90; 13% is steady at +75; 13.2% is at +85; 13.4% is steady at +92;13.6% is steady at +95; 13.8% is steady at +110 and 14% was at +177. Gulf bid for spot 11% protein was steady at +90 with no protein bumps. June PNW 11.5% was steady at +125, while the June Texas Gulf basis for 11% was steady at +100.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Tuesday was at 47 cents under the MIAX Minneapolis September futures, 3 cents weaker than Monday's basis. The MIAX Futures Exchange, LLC Floor Trading Summary of spot milling spring wheat cash premiums closed as follows basis the September MIAX spring wheat futures: 12% proteins were not quoted; 13% proteins were not quoted; 13.5 proteins were up 10 to unchanged at +145; 14 proteins were up 35 to down 25 at +165 to +140N; 14.5% proteins were unchanged at +150N; 15% proteins were unchanged at +350N to +400, and 16% proteins were not quoted. Wheat receipts on the exchange floor were 20 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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