DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was 1 cent weaker at 18 cents under the September futures contract while the DTN National Corn Index was down 14 cents at $3.54. The national average basis for soybeans was 1 cent weaker at 60 cents under the November futures contract, while the DTN National Soybean Index was up 20 cents at $9.72. The national average basis for hard red winter (HRW) wheat was steady at 50 cents under the September futures contract, while the DTN National Hard Red Winter Wheat Index was down 9 cents at $4.61. The national average basis for hard red spring (HRS) wheat was steady at 36 cents under the MIAX Minneapolis September futures contract, while the DTN National Hard Red Spring Wheat Index was down 1 cent at $5.41.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$3.54	-$0.14	-$0.18	Sep	-$0.005
Soybeans:	$9.72	$0.20	-$0.60	Nov	-$0.015
SRW Wheat:	$4.49	-$0.10	-$0.56	Sep	$0.001
HRW Wheat:	$4.61	-$0.09	-$0.50	Sep	-$0.003
HRS Wheat:	$5.41	-$0.01	-$0.36	Sep	-$0.006

CORN:

The national average corn basis for Tuesday was 18 cents under the September futures, 1 cent weaker than Wednesday's basis. PNW basis is steady 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 mixed with Cedar Rapids, Iowa, steady at -1U; Fort Dodge, Iowa, is 4 cents weaker at -13U; Council Bluffs, Iowa, is steady at option the U; Decatur, Illinois, is 5 cents stronger at +20U; Mitchell, South Dakota, is steady at -30U; 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 +12U; and Marshall, Minnesota, is steady at -5U.

SOYBEAN:

The national average soybean basis for Tuesday was 60 cents under the November futures, 1 cent weaker than Wednesday's basis. PNW basis for October is not quoted. August CIF basis is 2 cents weaker at +58X and track St. Louis is 3 cents weaker at -5X. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 2 cents weaker at -7X; St. Paul, Minnesota, is steady at -68X and basis on the Illinois River at Havana, Illinois, is steady at -25X. Processors are mixed with Council Bluffs, Iowa, steady at -25X; Cedar Rapids, Iowa, is steady at -40X; Sioux City is steady at -10X; Decatur, Illinois, is steady at +10X; Volga, South Dakota, is steady at -40X; Spiritwood, North Dakota, is 25 cents weaker at -90X; 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 -75X; and Mankato, Minnesota, is steady at -60X. BN secondary shuttle freight for returns is not bid or offered, FH August is not bid or offered and LH August is bid minus $300 under against offers of minus $150 under. UP secondary freight for returns is not bid against offers of minus $150 per car, FH August is not bid under offers of minus $100 under and LH August is not bid against offers of minus 100 under.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Tuesday was 56 cents under the September futures, unchanged from Wednesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Tuesday was at 50 cents under the Kansas City September futures, unchanged from Wednesday's basis. Spot premiums were mixed with ordinary protein down 5 at +60; 11% through 11.8% was steady at +80; 12% through 12.2% was up 1 at +81; 12.4% through 12.6% is up 5 at +80; 12.8% though 13% was steady at +100; 13% is up 5 at +100; 13.2% through 13.4% is steady at +105; 13.6% is at +115;13.8% is steady at +130 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 up 5 at +125 as exports remain strong there. South Korean flour miller is tendering for 50,000 mt of U.S. milling wheat.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Tuesday was at 36 cents under the MIAX Minneapolis September futures, unchanged from 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 unchanged at +20N; 13% proteins are at +30; 13.5 proteins were unchanged to up 20 at +50 to +70; 14 proteins were down 5 to up 30 at +110* to +145; 14.5% proteins were at unchanged at +115N; 15% proteins were down 30 to down 5 at +165 to +200, and 16% proteins were not quoted. Wheat receipts on the exchange floor were 65 cars, which includes 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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