DTN Daily Basis Comments
Tuesday Morning Basis Comments
DAILY BASIS AND CASH INDEX SUMMARY:
The national average basis for corn was 1 cent stronger at 41 cents under the May futures contract, while the DTN National Corn Index was down 13 cents at $4.13. The national average basis for soybeans was unchanged at 75 cents under the May futures, while the DTN National Soybean Index was down 70 cents at $10.80. The national average basis for hard red winter (HRW) wheat was steady at 71 cents under the May futures contract, while the DTN National Hard Red Winter Wheat Index was down 14 cents at $5.45. The national average basis for hard red spring (HRS) wheat was unchanged at 39 cents under the MIAX Minneapolis May futures contract, while the DTN National Hard Red Spring Wheat Index was down 11 cents at $5.95.
| DTN Cash | Change From | National | Contract | Change from | |
| Commodity | Index | Prev Day | Avg. Basis | Month | Prev Day |
| Corn: | $4.13 | -$0.13 | -$0.41 | May | $0.006 |
| Soybeans: | $10.80 | -$0.70 | -$0.75 | May | -$0.002 |
| SRW Wheat: | $5.44 | -$0.12 | -$0.53 | May | $0.041 |
| HRW Wheat: | $5.45 | -$0.14 | -$0.71 | May | -$0.002 |
| HRS Wheat: | $5.95 | -$0.11 | -$0.39 | May | $0.001 |
CORN:
The national average corn basis for Monday was 41 cents under the May futures, 1 cent stronger than Friday's basis. PNW basis for May is steady at +105K and CIF is 2 cents stronger at +78K. March track St. Louis is steady at +16K. Processors are mixed with Cedar Rapids, Iowa, steady at -21K; Fort Dodge, Iowa, is steady at +40K; Council Bluffs, Iowa, is 3 cents weaker at -20K; Des Moines, Iowa, is steady at -29K; Decatur, Illinois, is steady at -8K; Mitchell, South Dakota, is steady at -66K; Blair, Nebraska, steady at -20K; Hastings, Nebraska, is steady at -50K; Lincoln, Nebraska, is steady at -40K; Garden City, Kansas, is steady at -40K; Columbus, Nebraska, is steady at -30K; St. Paul, Minnesota, is -50K; and Marshall, Minnesota, is 3 cents stronger at -42K.
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SOYBEAN:
The national average soybean basis for Monday was 75 cents under the May futures, unchanged from Friday's basis. PNW basis bid for LH March is steady at +70K. March CIF basis is 3 cents weaker at +65K and track St. Louis is 4 cents weaker at +1K. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 5 cents weaker at -30K; St. Paul, Minnesota, is at -90K and basis on the Illinois River at Havana, Illinois, is 2 cents weaker at -25K. Processors are mixed with Council Bluffs, Iowa, steady at -55K; Des Moines, Iowa, is steady at -50K; Cedar Rapids, Iowa, is steady at -50K; Sioux City is 10 cents stronger at -50K; Decatur, Illinois, is 11 cents weaker at -14K; Volga, South Dakota, is steady at -77K; Spiritwood, North Dakota, is 15 cents stronger at -70K; NDSP Casselton, North Dakota is 15 cents stronger at -70K; Hastings, Nebraska, is steady at -90K; Lincoln, Nebraska, is steady at -55K; Aberdeen, South Dakota, is steady at -95K; Mitchell, South Dakota, is steady at -67K; and Mankato, Minnesota, is steady at -45K. BN secondary shuttle freight for returns is bid plus $400 over against no offers, LH March is bid plus $400 over against no offers and April is bid plus $200 over against offers of plus $500 over. UP secondary freight for returns is bid plus $300 over against no offers, FH March is bid plus $300 over against no offers, and April is bid plus $100 over against offers of plus $300 over.
SOFT RED WINTER WHEAT:
The national average SRW wheat basis for Monday was 53 cents under the May futures, 4 cents stronger than Friday's basis.
HARD RED WINTER WHEAT:
The national average HRW wheat basis for Monday was 71 cents under the Kansas City May futures, unchanged from Friday's basis. Spot premiums were unchanged with ordinary protein steady at +115; 11% through 11.4 steady at +127; 11.6% through 12.4% is unchanged at +130; 12.6 through 13.2 is steady at +129;13.4% through 14% was steady at +130. Gulf bid for spot 11% protein is steady at +115 with no protein bumps. PNW 11.5% is down 10 at +120, while Texas Gulf basis for 11% is steady at +135. Reports showed South Korea buying of 87,000 metric tons of milling wheat in a combo of HRW/HRS/SWW.
HARD RED SPRING WHEAT:
The national average HRS wheat basis for Monday was 39 cents under the MIAX Minneapolis May 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 May MIAX spring wheat futures: 12% proteins are not quoted; 13% proteins are unchanged at +65N; 13.5% proteins not quoted; 14% proteins are down 5 to unchanged at +95 to +120N; 14.5% proteins are unchanged at +110N; 15% proteins are unchanged to up 50 at +120N to +200 and 16% proteins were not quoted. Wheat receipts on the exchange floor were 21 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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