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 1 cent at $3.85. The national average basis for soybeans was 1 cent weaker at 53 cents under the November futures contract, while the DTN National Soybean Index was down 4 cents at $9.70. The national average basis for hard red winter (HRW) wheat was steady at 53 cents under the September futures contract, while the DTN National Hard Red Winter Wheat Index was down 10 cents at $4.71. 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 3 cents at $5.41.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$3.85	-$0.01	-$0.13	Sep	-$0.003
Soybeans:	$9.70	-$0.04	-$0.53	Nov	-$0.009
SRW Wheat:	$4.84	-$0.09	-$0.56	Sep	$0.003
HRW Wheat:	$4.71	-$0.10	-$0.53	Sep	$0.002
HRS Wheat:	$5.41	-$0.03	-$0.47	Sep	$0.005

CORN:

The national average corn basis for Wednesday was 13 cents under the September futures, unchanged from Tuesday'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 steady at +35U. Processors are mixed with Cedar Rapids, Iowa, steady at +1U; Fort Dodge, Iowa, is 3 cents weaker at -7U; Council Bluffs, Iowa, is 2 cents weaker at +6U; Decatur, Illinois, is steady at +18U; Mitchell, South Dakota, is at -20U; Blair, Nebraska, is steady at +5U; Hastings, Nebraska, is steady at -8U; Lincoln, Nebraska, is steady at -5U; Garden City, Kansas, is steady at +5U; Columbus, Nebraska, is steady at +8U; and Marshall, Minnesota, is steady at -12U.

SOYBEAN:

The national average soybean basis for Wednesday was 53 cents under the November futures, 1 cent weaker than Tuesday's basis. PNW basis for October is not quoted. July CIF basis is 10 cents weaker at +90Q and track St. Louis is 11 cents weaker at +25Q. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 9 cents weaker at -5X; St. Paul, Minnesota, is steady at -30Q and basis on the Illinois River at Havana, Illinois, is 10 cents weaker at -2Q. 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 steady at -60X; Hastings, Nebraska, is steady at -60X; Lincoln, Nebraska, is 20 cents weaker at -40X; Aberdeen, South Dakota, is steady at -45X; Mitchell, South Dakota, is 4 cents stronger at -58Q; and Mankato, Minnesota, is steady at -10X. BN secondary shuttle freight for returns is bid plus $100 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 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 $250 under against offers of minus $100 under.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Wednesday was 56 cents under the September futures, 1 cent stronger than Tuesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Wednesday was at 53 cents under the Kansas City September futures, unchanged from Tuesday's basis. Spot premiums were mixed with ordinary protein through 11.6% is steady at +77; 11.8% through 12.2% is steady at +85; 12.4% is steady at +82; 12.6% through 12.8% was steady at +90; 13% is steady at +95; 13.2% through 13.8% is steady at +105 and 14% was steady at +177. Gulf bid for spot 11% protein was steady 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 Wednesday was at 47 cents under the MIAX Minneapolis September futures, unchanged from Tuesday'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 unchanged at +30N; 13.5 proteins were unchanged at +120A; 14 proteins were unchanged at +110N to +160N; 14.5% proteins were not quoted; 15% proteins were unchanged at +260N to +350N, and 16% proteins were not quoted. Wheat receipts on the exchange floor were 33 cars, which included one 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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