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 $3.90 The national average basis for soybeans was steady at 50 cents under the November futures contract, while the DTN National Soybean Index was up 6 cents at $9.77. 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 $4.65. The national average basis for hard red spring (HRS) wheat was steady at 47 cents under the MIAX Minneapolis September futures contract, while the DTN National Hard Red Spring Wheat Index was down 4 cents at $5.48.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$3.90	-$0.03	-$0.12	Sep	$0.001
Soybeans:	$9.77	$0.06	-$0.50	Nov	$0.004
SRW Wheat:	$4.78	-$0.07	-$0.55	Sep	$0.004
HRW Wheat:	$4.65	-$0.04	-$0.52	Sep	$0.009
HRS Wheat:	$5.48	-$0.04	-$0.47	Sep	$0.006

CORN:

The national average corn basis for Thursday was 12 cents under the September futures, 1 cent stronger than Wednesday's basis. PNW basis is steady at +140U and Hereford, Texas, is 5 cents stronger at +130U. CIF basis is 4 cents stronger at +90U and track St. Louis is steady at +36U. Processors are mixed with Cedar Rapids, Iowa, steady at +2U; Fort Dodge, Iowa, is steady at -5U; Council Bluffs, Iowa, is 1 cent stronger at +12U; Decatur, Illinois, is steady at +18U; Mitchell, South Dakota, is at -20U; Blair, Nebraska, is steady at +10U; Hastings, Nebraska, is steady at -8U; Lincoln, Nebraska, is steady at -5U; Garden City, Kansas, is steady at +5U; Columbus, Nebraska, is steady at +18U; and Marshall, Minnesota, is steady at -12U.

SOYBEAN:

The national average soybean basis for Thursday was 50 cents under the November futures, unchanged from Wednesday's basis. PNW basis for October is steady at +100X. July CIF basis is steady at +95Q and track St. Louis is steady at +37Q. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is steady at +14X; St. Paul, Minnesota, is steady at -30Q and basis on the Illinois River at Havana, Illinois, is steady at +8Q. Processors are steady with Council Bluffs, Iowa, steady at -5X; Cedar Rapids, Iowa, is steady at -25X; Sioux City is steady at -10X; Decatur, Illinois, is steady at -20X; Volga, South Dakota, is steady at -40X; Spiritwood, North Dakota, is steady at -50X; Hastings, Nebraska, is steady at -60X; Lincoln, Nebraska, is steady at -20X; Aberdeen, South Dakota, is steady at -45X; Mitchell, South Dakota, is steady at -67Q; and Mankato, Minnesota, is steady at -5X. BN secondary shuttle freight for returns is bid plus $150 over against no offers, LH July is bid plus $100 over against no offers and August is bid even money versus offers of plus 100 over. UP secondary freight for returns is bid minus $50 against offers of plus $100 over, LH July is bid minus $50 against offers of plus $100 over and August is bid minus $200 under against offers of minus $100 under.

SOFT RED WINTER WHEAT:

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

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Thursday was at 52 cents under the Kansas City September futures, 1 cent stronger than Wednesday's basis. Spot premiums were steady to higher with ordinary protein through 11% steady at +80; 11.2% through 12.4% is steady at +82;12.6% through 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 down 5 at +85 with no protein bumps. June PNW 11.5% was down 5 at +120, while the June Texas Gulf basis for 11% was up 15 at +105. U.S. winter wheat is competitive for now, but we have yet to quantify how much of the new crop is not milling quality.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Thursday was at 47 cents under the MIAX Minneapolis September futures, unchanged from Wednesday'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 85 to up 10 at +160; 14 proteins were up 5 at +180; 14.5% proteins were not quoted; 15% proteins were up 100 to down 50 at +350, and 16% proteins were not quoted. Wheat receipts on the exchange floor were 35 cars, which included zero train. 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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