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 $3.91 The national average basis for soybeans was 1 cent weaker at 51 cents under the November futures contract, while the DTN National Soybean Index was down 10 cents at $9.75. The national average basis for hard red winter (HRW) wheat was steady at 52 cents under the September futures contract, while the DTN National Hard Red Winter Wheat Index was down 4 cents at $4.73. The national average basis for hard red spring (HRS) wheat was 1 cent weaker at 47 cents under the MIAX Minneapolis September futures contract, while the DTN National Hard Red Spring Wheat Index was down 9 cents at $5.40.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$3.91	-$0.05	-$0.13	Sep	-$0.004
Soybeans:	$9.75	-$0.10	-$0.51	Nov	-$0.005
SRW Wheat:	$4.86	-$0.05	-$0.56	Sep	-$0.010
HRW Wheat:	$4.73	-$0.04	-$0.52	Sep	-$0.004
HRS Wheat:	$5.40	-$0.09	-$0.47	Sep	-$0.005

CORN:

The national average corn basis for Monday was 13 cents under the September futures, unchanged from Friday's basis. PNW basis is steady at +140U and Hereford, Texas, is steady at +130U. CIF basis is steady at +93U and track St. Louis is 2 cents stronger at +38U. Processors are mixed with Cedar Rapids, Iowa, steady at +1U; Fort Dodge, Iowa, is steady at -6U; Council Bluffs, Iowa, is steady 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 3 cents weaker at +12U; and Marshall, Minnesota, is steady at -12U.

SOYBEAN:

The national average soybean basis for Monday was 51 cents under the November futures, 1 cent weaker than Friday's basis. PNW basis for October is not quoted. July CIF basis is steady at +100Q and track St. Louis is 2 cents weaker at +38Q. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 5 cents weaker at +4X; St. Paul, Minnesota, is steady at -30Q and basis on the Illinois River at Havana, Illinois, is steady at +8Q. Processors are mixed with Council Bluffs, Iowa, steady at -25X; Cedar Rapids, Iowa, is steady at -10X; Sioux City is steady at -10X; Decatur, Illinois, is steady at -20X; Volga, South Dakota, is steady at -40X; Spiritwood, North Dakota, is 10 cents weaker at -60X; Hastings, Nebraska, is steady at -60X; Lincoln, Nebraska, is steady at -20X; Aberdeen, South Dakota, is steady at -45X; Mitchell, South Dakota, is 3 cents stronger at -66Q; and Mankato, Minnesota, is 5 cents weaker at -10X. BN secondary shuttle freight for returns is bid plus $100 over against no offers, LH July is bid plus $100 over against offers of plus $250 over and August is bid even money versus offers of plus 100 over. UP secondary freight for returns is not bid minus against offers of plus $100 over, LH July is not bid against offers of plus $50 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 Monday was 56 cents under the September futures, 1 cent weaker than Friday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Monday was at 52 cents under the Kansas City September futures, unchanged from Friday's basis. Spot premiums were steady 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 10 cents stronger at +95 with no protein bumps. June PNW 11.5% was steady at +120, while the June Texas Gulf basis for 11% was up 15 at +105.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Monday was at 47 cents under the MIAX Minneapolis September futures, 1 cent weaker than Friday'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 are +30; 13.5 proteins were up 20 at +180; 14 proteins were down 50 to unchanged at +130* to +180; 14.5% proteins were at +145B to +180; 15% proteins were down 40 at +310, and 16% proteins were not quoted. Wheat receipts on the exchange floor were 90 cars, which included two train(s). Bid (B), Ask (A), Nominal (N). Minneapolis Daily Spot Grain Prices are Delivered Chicago/Beyond freight. USDA reported Monday that as of July 20, spring wheat conditions in the U.S. dropped 2 percentage points from prior week to 52% good to excellent. North Dakota dropped four percentage points in good to excellent ratings, with Washington dropping 17 percentage points in good to excellent rating. Today is the first day of the Wheat Quality Council's spring wheat and durum tour: https://www.dtnpf.com/…

Mary Kennedy can be reached at mary.kennedy@dtn.com

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