DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was 1 cent stronger at 12 cents under the September futures contract while the DTN National Corn Index was down 3 cents at $3.84. The national average basis for soybeans was steady at 50 cents under the November futures contract, while the DTN National Soybean Index was down 6 cents at $9.57. 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 10 cents at $4.73. The national average basis for hard red spring (HRS) wheat was steady at 46 cents under the MIAX Minneapolis September futures contract, while the DTN National Hard Red Spring Wheat Index was down 18 at $5.68.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$3.84	-$0.03	-$0.12	Sep	$0.004
Soybeans:	$9.57	-$0.06	-$0.50	Nov	$0.002
SRW Wheat:	$4.90	-$0.09	-$0.55	Sep	$0.008
HRW Wheat:	$4.73	-$0.10	-$0.52	Sep	$0.008
HRS Wheat:	$5.68	-$0.18	-$0.46	Sep	$0.004

CORN:

The national average corn basis for Friday was 12 cents under the September futures, 1 cent stronger than Thursday's basis. PNW basis is steady at +140U and Hereford, Texas, is steady at +120U. CIF basis is steady at +84U and track St. Louis is steady at +42U. Processors are mixed with Cedar Rapids, Iowa, steady at option the U; Fort Dodge, Iowa, is steady at -5U; Council Bluffs, Iowa, is steady at +13U; Decatur, Illinois, is steady at +15U; Mitchell, South Dakota, is at -20U; Blair, Nebraska, is steady at +15U; Hastings, Nebraska, is 5 cents stronger at -8U; Lincoln, Nebraska, is steady at -10U; Garden City, Kansas, is steady at +5U; Columbus, Nebraska, is 8 cents stronger at +18U; and Marshall, Minnesota, is steady at -12U.

SOYBEAN:

The national average soybean basis for Friday was 50 cents under the November futures, unchanged from Thursday's basis. PNW basis for October is steady at +100X. July CIF basis is 3 cents stronger at +90Q and track St. Louis is steady at +37Q. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 5 cents weaker at +24X; St. Paul, Minnesota, is 10 cents stronger at -30Q and basis on the Illinois River at Havana, Illinois, is 2 cents weaker at +8Q. Processors are mixed with Council Bluffs, Iowa, 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 steady at -55X; Hastings, Nebraska, is 12 cents stronger at -60X; Lincoln, Nebraska, is steady at -10X; Aberdeen, South Dakota, is steady at -50X; Mitchell, South Dakota, is 3 cents stronger at -72Q; and Mankato, Minnesota, is steady at -8X. BN secondary shuttle freight for returns is bid plus $50 over against no offers, and LH July is bid even money against offers of plus $150 over. UP secondary freight for returns is not bid against offers of plus $100 over, and LH July is not bid against offers of plus $100 over.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Friday was 55 cents under the September futures, 1 cent stronger than Thursday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Friday was at 52 cents under the Kansas City September futures, 1 cent stronger than Thursday's basis. Spot premiums were steady to higher with ordinary protein through 11% steady at +80; 11.2% through 12.2% up 10 at +90;12.4% through 12.6 is up 5 at +90; 12.8% was steady at +90; 13% through 13.8% is steady at +105 and 14% was steady 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 +90. U.S. Wheat Associates in their weekly harvest update said HRW harvest is advancing steadily, with approximately 35% of the crop harvested to date. Hot and dry weather is enabling rapid progress in Colorado, whereas scattered showers have led to localized delays in Nebraska. Extended heat and dryness have also expedited harvest in the PNW. Harvesting is now underway in all HRW-producing states except Montana. Producers report variable yields and quality based on environmental factors. For quality, protein and test weights have been lower in areas that received excessive moisture, but higher than expected. As harvest moves to drier regions, protein and test weights are expected to increase.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Friday was at 46 cents under the MIAX Minneapolis September futures, unchanged from Thursday'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 down 40 at +70; 13.5 proteins were down 45 to down 65 at +75; 14 proteins were unchanged at +135N to +175N; 14.5% proteins were unchanged at +175N; 15% proteins were up 40 to unchanged at +350 to +400, and 16% proteins were not quoted. Wheat receipts on the exchange floor were 47 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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