DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was 1 cent stronger at 17 cents under the September futures contract while the DTN National Corn Index was up 3 cents at $3.57. The national average basis for soybeans was 2 cents weaker at 62 cents under the November futures contract, while the DTN National Soybean Index was up 10 cents at $9.83. 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 4 cents at $4.57. 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 unchanged at $5.41.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$3.57	$0.03	-$0.17	Sep	$0.001
Soybeans:	$9.83	$0.10	-$0.62	Nov	-$0.013
SRW Wheat:	$4.51	$0.02	-$0.56	Sep	-$0.003
HRW Wheat:	$4.57	-$0.04	-$0.50	Sep	-$0.001
HRS Wheat:	$5.41	$0.00	-$0.36	Sep	-$0.001

CORN:

The national average corn basis for Wednesday was 17 cents under the September futures, 1 cent stronger than Tuesday'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, 1 cent stronger at option the U; Fort Dodge, Iowa, is 3 cents weaker at -16U; Council Bluffs, Iowa, is steady at option the U; Decatur, Illinois, is steady 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 Wednesday was 62 cents under the November futures, 2 cents weaker than Tuesday's basis. PNW basis for October is not quoted. LH August CIF basis is steady at +58X and track St. Louis is at -18X. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 5 cents weaker at -12X; St. Paul, Minnesota, is steady at -68X and basis on the Illinois River at Havana, Illinois, is 5 cents weaker at -30X. Processors are mixed with Council Bluffs, Iowa, steady at -25X; Cedar Rapids, Iowa, is steady at -40X; Sioux City is 5 cents weaker at -15X; Decatur, Illinois, is steady at +10X; Volga, South Dakota, is 10 cents weaker at -50X; Spiritwood, North Dakota, is steady 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 bid minus $175 against offers of minus $100 under, LH August is bid minus $200 under against offers of minus $125 under and FH September is bid minus $175 under against offers of minus $75 under. UP secondary freight for returns is bid minus $200 under against no offers, LH August is bid -$200 under against offers of even money under and September is bid (Mexico option) minus $150 under against offers of plus $100 over.

SOFT RED WINTER WHEAT:

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

HARD RED WINTER WHEAT:

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

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Wednesday was at 36 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 was unchanged at +20N; 13% proteins are up 20 at +50; 13.5 proteins were down 20 at +50; 14 proteins were unchanged to down 5 at +110N to +140; 14.5% proteins were at +100 to +140; 15% proteins were unchanged at +165N to +200N, and 16% proteins were not quoted. Wheat receipts on the exchange floor were 29 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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