DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was 1 cent stronger at 16 cents under the September futures contract while the DTN National Corn Index was down 2 cents at $3.71. The national average basis for soybeans was 1 cent weaker at 55 cents under the November futures contract, while the DTN National Soybean Index was up 5 cents at $9.40. 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 1 cent at $4.65. The national average basis for hard red spring (HRS) wheat was unchanged at 43 cents under the MIAX Minneapolis September futures contract, while the DTN National Hard Red Spring Wheat Index was unchanged at $5.30.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$3.71	-$0.02	-$0.16	Sep	$0.010
Soybeans:	$9.40	$0.05	-$0.55	Nov	-$0.005
SRW Wheat:	$4.61	-$0.02	-$0.56	Sep	-$0.018
HRW Wheat:	$4.65	-$0.01	-$0.52	Sep	$0.008
HRS Wheat:	$5.30	$0.00	-$0.43	Sep	-$0.003

CORN:

The national average corn basis for Monday was 16 cents under the September futures, 1 cent stronger than Friday's basis. PNW basis is steady at +135U and Hereford, Texas, is steady at +105U. CIF basis is steady at +80U and track St. Louis is steady at +18U. Processors are mixed with Cedar Rapids, Iowa, is 2 cents stronger at +2U; Fort Dodge, Iowa, is steady at -11U; Council Bluffs, Iowa, is 2 cents weaker at option the U; Decatur, Illinois, is steady at +16U; Mitchell, South Dakota, is steady at -24U; Blair, Nebraska, is steady at option the U; Hastings, Nebraska, is steady at 10U; Lincoln, Nebraska, is steady at -10U; Garden City, Kansas, is 10 cents stronger at +15U; Columbus, Nebraska, is 2 cents weaker at +10U; and Marshall, Minnesota, is 7 cents stronger at -5U.

SOYBEAN:

The national average soybean basis for Monday was 55 cents under the November futures, 1 cent weaker than Friday's basis. PNW basis for October is not quoted. August CIF basis is at +57X and track St. Louis is at +5X. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is steady at option the X; St. Paul, Minnesota, is 5 cents weaker at -68X and basis on the Illinois River at Havana, Illinois, is at -18X. Processors are mixed with Council Bluffs, Iowa, steady at -20X; Cedar Rapids, Iowa, is 10 cents weaker at -30X; Sioux City is steady at -10X; Decatur, Illinois, is 10 cents stronger at +10X; Volga, South Dakota, is steady at -40X; Spiritwood, North Dakota, is steady at -63X; Hastings, Nebraska, is 2 cents stronger at -68X; Lincoln, Nebraska, is 10 cents weaker at -30X; Aberdeen, South Dakota, is steady at -65X; Mitchell, South Dakota, is 3 cents weaker at -44Q; and Mankato, Minnesota, is 20 cents weaker at -60X. BN secondary shuttle freight for returns is bid minus $150 under against no offers, FH August is bid minus $150 under against offers of -$100 and LH August is bid minus $150 under against offers of minus $100 under. UP secondary freight for returns is bid minus $100 under against offers of even money, and August is bid minus $150 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, 2 cents 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, 1 cent stronger than Friday's basis. Spot premiums were steady with ordinary protein through 11.6% steady at +65; 11.8% was steady at +65; 12% through 12.2% through 12.6% is steady at +75; 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 up 5 at +95 with no protein bumps. June PNW 11.5% was steady at +120, while the June Texas Gulf basis for 11% was up 10 at +110. USDA Monday said that as of August 3, the HRW harvest was 86% complete. USDA also reported that spring wheat condition was at 48% good to excellent, down 1 percentage point versus last week. Montana, Washinton and Idaho continue to lag, with Montana in the worst shape due to persistent drought this growing season.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Monday was at 43 cents under the MIAX Minneapolis September futures, unchanged from 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 at +35B to +60A; 13.5 proteins were at +50 to +90A; 14 proteins were up 20 at +115 to +130; 14.5% proteins were unchanged at +115N; 15% proteins were down 60 at +200, and 16% proteins were not quoted. Wheat receipts on the exchange floor were 66 cars, which includes 2 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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