DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was unchanged at 17 cents under the September futures contract while the DTN National Corn Index was up 5 cents at $3.68. The national average basis for soybeans was 1 cent weaker at 57 cents under the November futures contract, while the DTN National Soybean Index was up 7 cents at $9.36. The national average basis for hard red winter (HRW) wheat was 1 cent weaker at 50 cents under the September futures contract, while the DTN National Hard Red Winter Wheat Index was up 9 cents at $4.71. The national average basis for hard red spring (HRS) wheat was 3 cents stronger at 36 cents under the MIAX Minneapolis September futures contract, while the DTN National Hard Red Spring Wheat Index was up 8 cents at $5.38.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$3.68	$0.05	-$0.17	Sep	-$0.001
Soybeans:	$9.36	$0.07	-$0.57	Nov	-$0.018
SRW Wheat:	$4.61	$0.10	-$0.57	Sep	$0.005
HRW Wheat:	$4.71	$0.09	-$0.50	Sep	-$0.006
HRS Wheat:	$5.38	$0.08	-$0.36	Sep	$0.029

CORN:

The national average corn basis for Thursday was 17 cents under the September futures, unchanged from Wednesday's basis. PNW basis is 5 cents weaker at +130U and Hereford, Texas, is steady at +105U. CIF basis is steady at +80U and track St. Louis is steady at +18U. Processors are steady with Cedar Rapids, Iowa, is steady at +2U; Fort Dodge, Iowa, is 2 cents stronger at -9U; Council Bluffs, Iowa, is steady at option the U; Decatur, Illinois, is 1 cent weaker at +15U; Mitchell, South Dakota, is steady at -27U; Blair, Nebraska, is steady at option the U; Hastings, Nebraska, is steady at 10U; Lincoln, Nebraska, is steady at -10U; Garden City, Kansas, is steady at +15U; Columbus, Nebraska, is steady at +10U; and Marshall, Minnesota, is steady at -5U.

SOYBEAN:

The national average soybean basis for Thursday was 57 cents under the November futures, 1 cent weaker than Wednesday's basis. PNW basis for October is not quoted. August CIF basis is steady at +62X and track St. Louis is steady at -2X. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is steady at -5X; St. Paul, Minnesota, is steady at -68X and basis on the Illinois River at Havana, Illinois, is 5 cents stronger at -25X. Processors are steady with Council Bluffs, Iowa, steady at -20X; Cedar Rapids, Iowa, is steady at -30X; Sioux City is steady at -10X; Decatur, Illinois, is steady at +10X; Volga, South Dakota, is steady at -40X; Spiritwood, North Dakota, is steady at -65X; Hastings, Nebraska, is steady at -68X; Lincoln, Nebraska, is steady at -30X; Aberdeen, South Dakota, is steady at -70X; Mitchell, South Dakota, is steady at -65X; and Mankato, Minnesota, is steady at -60X. BN secondary shuttle freight for returns is not bid or offered, FH August is bid minus $175 under against offers of -$100 and LH August is bid minus $175 under against offers of minus $100 under. UP secondary freight for returns is bid minus $200 under against offers of minus $100 per car, FH August is bid minus $200 under against no offers and LH August is not bid against offers of minus 100 under.

SOFT RED WINTER WHEAT:

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

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Thursday was at 50 cents under the Kansas City September futures, 1 cent weaker than Wednesday's basis. Spot premiums were steady with ordinary protein through 11.6% steady at +65; 11.8% was steady at +65; 12% 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 steady at +95 with no protein bumps. June PNW 11.5% was steady at +120, while the June Texas Gulf basis for 11% is steady at +120. Tunisia bought 2 25,000 mt vessels of soft milling wheat likely from France, while South Korean purchased 65,000 mt of US feed wheat.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Thursday was at 36 cents under the MIAX Minneapolis September futures, 3 cents stronger than 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 was at +20; 13% proteins are up 20 to up 15 at +50; 13.5 proteins were up 40 to up 5 at +85; 14 proteins were unchanged to down 5 at +95 to +145; 14.5% proteins were at unchanged at +115; 15% proteins were down 5 to up 5 at +195 to +205, and 16% proteins were not quoted. Wheat receipts on the exchange floor were 20 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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