DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was 1 cent stronger at 18 cents under the September futures contract, while the DTN National Corn Index was down 4 cents at $3.64. The national average basis for soybeans was 1 cent weaker at 71 cents under the November futures contract, while the DTN National Soybean Index was down 3 cents at $9.77. The national average basis for hard red winter (HRW) wheat was 2 cents stronger at 46 cents under the September futures contract, while the DTN National Hard Red Winter Wheat Index was down 6 cents at $4.39. The national average basis for hard red spring (HRS) wheat was 2 cents stronger at 27 cents under the MIAX Minneapolis September futures contract, and the DTN National Hard Red Spring Wheat Index was down 13 cents at $5.24.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$3.64	-$0.04	-$0.18	Sep	$0.006
Soybeans:	$9.77	-$0.03	-$0.71	Nov	-$0.009
SRW Wheat:	$4.47	-$0.07	-$0.56	Sep	$0.006
HRW Wheat:	$4.39	-$0.06	-$0.46	Sep	$0.014
HRS Wheat:	$5.24	-$0.13	-$0.27	Sep	$0.018

CORN:

The national average corn basis for Wednesday was 18 cents under the September futures, 1 cent stronger than Tuesday's basis. PNW basis is steady for September at +110Z and Hereford, Texas, is for October 5 cents weaker at +100Z. CIF basis is 4 cents weaker at +78U and track St. Louis is steady at +17U. Processors are mixed with some moving to Z. Cedar Rapids, Iowa, is at option the U; Fort Dodge, Iowa, is at -40Z; Council Bluffs, Iowa, is at -24Z; Decatur, Illinois, is steady at -17Z; Mitchell, South Dakota, is steady at -33U; Blair, Nebraska, is steady at -25Z; Hastings, Nebraska, is steady at 10U; Lincoln, Nebraska, is steady at -10U; Garden City, Kansas, is steady at -5Z; Columbus, Nebraska, is steady at +12U; and Marshall, Minnesota, is steady at -7U.

SOYBEAN:

The national average soybean basis for Wednesday was 71 cents under the November futures, 1 cent weaker than Tuesday's basis. PNW basis for October is $3 stronger at +58X. LH August CIF basis is steady at +50X and track St. Louis is 5 cents stronger at -27X. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is steady at -35X; St. Paul, Minnesota, is steady at -80X and basis on the Illinois River at Havana, Illinois, is 5 cents stronger at -40X. The Mississippi River at Memphis is at +0.72 feet above zero gauge and is expected to go below that next week. Processors are mixed with Council Bluffs, Iowa, steady at -25X; Cedar Rapids, Iowa, is steady at -45X; Sioux City is steady at -25X; Decatur, Illinois, is 10 cents weaker at -15; Volga, South Dakota, is steady at -55X; Spiritwood, North Dakota, is steady at -85X; Hastings, Nebraska, is steady at -68X; Lincoln, Nebraska, is steady at -40X; Aberdeen, South Dakota, is 5 cents weaker at -85X; Mitchell, South Dakota, is steady at -95X; and Mankato, Minnesota, is steady at -65X. BN secondary shuttle freight for returns is not bid or offered and LH Sep. is bid minus $200 under against offers of even money. UP secondary freight for returns is minus $300 under against offers of minus $150 under, Aug. is not bid against offers of even money and LH Sep. is not bid against offer 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 46 cents under the Kansas City September futures, 2 cents stronger than Tuesday's basis. Spot premiums moved to Z with ordinary protein at +46; 11% through 11.6% is down 5 at +66; 11.8% is at +66; 12 through 12.2% is up 4 at +65; 12.4% is steady at +65; 12.6% through 12.8% is at +66; 13% is steady at +76; 13.2% through 13.6% is down 2 at +76;13.8% is steady at +106 and 14% is at +120. Gulf bid for spot 11% protein was steady at +95Z with no protein bumps. September PNW 11.5% is steady at +140Z, while Texas Gulf basis for 11% is steady at +140Z. There were reports that Thailand had purchased 60,000 mt of feed wheat, but no seller announced yet.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Wednesday was at 27 cents under the MIAX Minneapolis September futures, 2 cents stronger than Tuesday's basis. The MIAX Futures Exchange, LLC Floor Trading Summary of spot milling spring wheat cash premiums closed as follows basis the December MIAX spring wheat futures: 12% proteins was not quoted; 13% proteins are not quoted; 13.5 proteins were not quoted; 14 proteins were at +105; 14.5% proteins were at + 170; 15% proteins were at +225 to +275 and 16% proteins were not quoted. Wheat receipts on the exchange floor were 22 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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