DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was steady at 15 cents under the September futures contract while the DTN National Corn Index was down 5 cents at $3.74. The national average basis for soybeans was 2 cents weaker at 56 cents under the November futures contract, while the DTN National Soybean Index was down 3 cents at $9.54. The national average basis for hard red winter (HRW) wheat was 1 cent weaker at 57 cents under the September futures contract, while the DTN National Hard Red Winter Wheat Index was down 8 cents at $4.78. The national average basis for hard red spring (HRS) wheat was 1 cent weaker at 48 cents under the MIAX Minneapolis September futures contract, while the DTN National Hard Red Spring Wheat Index was down 5 cents at $5.30.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$3.74	-$0.05	-$0.15	Sep	-$0.004
Soybeans:	$9.54	-$0.03	-$0.56	Nov	-$0.013
SRW Wheat:	$4.73	-$0.09	-$0.57	Sep	$0.002
HRW Wheat:	$4.62	-$0.08	-$0.57	Sep	-$0.009
HRS Wheat:	$5.30	-$0.05	-$0.48	Sep	-$0.007

CORN:

The national average corn basis for Tuesday was 15 cents under the September futures, unchanged from Monday's basis. PNW basis is $5 weaker at +135U and Hereford, Texas, is 10 cents weaker at +110U. CIF basis is steady at +90U and track St. Louis is steady at +32U. Processors are mixed with Cedar Rapids, Iowa, 1 cent stronger at +2U; Fort Dodge, Iowa, is steady at -12U; Council Bluffs, Iowa, is steady at +4U; Decatur, Illinois, is 2 cents weaker at +16U; Mitchell, South Dakota, is steady at -24U; Blair, Nebraska, is steady at -2U; Hastings, Nebraska, is steady at 10U; 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 Tuesday was 56 cents under the November futures, 2 cents weaker than Monday's basis. PNW basis for October is not quoted. July CIF basis is steady at +91Q and track St. Louis is steady at +25Q. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is steady at -5X; St. Paul, Minnesota, is steady at -36Q and basis on the Illinois River at Havana, Illinois, is 5 cents weaker at -3Q. Processors are mixed with Council Bluffs, Iowa, steady at -30X; 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 5 cents weaker at -65X; Hastings, Nebraska, is 10 cents weaker at -70X; Lincoln, Nebraska, is steady at -20X; Aberdeen, South Dakota, is 10 cents weaker at -55X; Mitchell, South Dakota, is steady at -46Q; and Mankato, Minnesota, is steady at -20X. BN secondary shuttle freight for returns is bid even money over against no offers, FH August is bid even money versus offers of plus $100 over and LH August is bid minus $100 under against offers of plus $100 over. UP secondary freight for returns is bid minus $150 under against no offers, Aug 1-5 is bid is minus $150 under against offers of minus $50 under and August is bid minus $200 under (Mexico option) against offers of minus $100 under.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Tuesday was 57 cents under the September futures, unchanged from Monday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Tuesday was at 57 cents under the Kansas City September futures, 1 cent weaker than Monday's basis. Spot premiums were steady with ordinary protein through 11.6% steady at +77; 11.8% was steady at +78; 12% through 12.2% is steady at +75; 12.4% is steady at +80; 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 +90 with no protein bumps. June PNW 11.5% was steady at +125, while the June Texas Gulf basis for 11% was steady at +105.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Tuesday was at 48 cents under the MIAX Minneapolis September futures, 1 cent 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 are not quoted; 13.5 proteins were unchanged at +60N to +100N; 14 proteins were unchanged at +90B to +105N; 14.5% proteins were down 50 at +115B; 15% proteins were up 60 at +260, and 16% proteins were not quoted. Wheat receipts on the exchange floor were 11 cars, which includes 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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