DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was steady at 41 cents under the May futures contract, while the DTN National Corn Index was up 9 cents at $4.22. The national average basis for soybeans was unchanged at 75 cents under the May futures, while the DTN National Soybean Index was up 5 cents at $10.86. 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 up 19 cents at $5.55. The national average basis for hard red spring (HRS) wheat was 1 cent weaker at 40 cents under the MIAX Minneapolis May futures contract, while the DTN National Hard Red Spring Wheat Index was up 13 cents at $5.98.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.22	$0.09	-$0.41	May	-$0.002
Soybeans:	$10.86	$0.05	-$0.75	May	$0.000
SRW Wheat:	$5.52	$0.15	-$0.53	May	$0.003
HRW Wheat:	$5.55	$0.19	-$0.71	May	$0.002
HRS Wheat:	$5.98	$0.13	-$0.40	May	-$0.001

CORN:

The national average corn basis for Wednesday was 41 cents under the May futures, unchanged from Tuesday's basis. PNW basis for May is steady at +105K and CIF is steady at +80K. March track St. Louis is steady at +20K. Processors are mixed with Cedar Rapids, Iowa, steady at -18K; Fort Dodge, Iowa, is steady at -41K; Council Bluffs, Iowa, is steady at -18K; 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 2 cents stronger at -40K.

SOYBEAN:

The national average soybean basis for Wednesday was 75 cents under the May futures, unchanged from Tuesday's basis. PNW basis bid for LH March is steady at +70K. March CIF basis is 2 cents weaker at +63K and track St. Louis is 1 cent weaker at option the K. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is steady at -30K; St. Paul, Minnesota, is at -90K and basis on the Illinois River at Havana, Illinois, is 5 cents weaker at -30K. Processors are mixed with Council Bluffs, Iowa, steady at -55K; Des Moines, Iowa, is steady at -50K; Cedar Rapids, Iowa, is steady at -40K; Sioux City is steady at -50K; Decatur, Illinois, is steady at -14K; Volga, South Dakota, is 5 cents stronger at -72K; Spiritwood, North Dakota, is 5 cents stronger at -55K; NDSP Casselton, North Dakota is steady at -65K; Hastings, Nebraska, is steady at -90K; Lincoln, Nebraska, is steady at -55K; Aberdeen, South Dakota, is steady at -95K; Mitchell, South Dakota, is 5 cents stronger at -62K; 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 $500 over against no offers, FH March is bid plus $500 over against offers of +$800 over, and April is bid plus $100 over against offers of plus $350 over.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Wednesday was 53 cents under the May futures, unchanged from Tuesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Wednesday was 71 cents under the Kansas City May futures, unchanged from Tuesday'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 steady at +120, while Texas Gulf basis for 11% is steady at +135.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Wednesday was 40 cents under the MIAX Minneapolis May futures, 1 cent weaker than Tuesday's basis. Minneapolis Daily Spot Grain Prices are Delivered Chicago/Beyond freight. 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 unchanged at +95N to +120N; 14.5% proteins are unchanged at +110N; 15% proteins are unchanged at +120N to +200 and 16% proteins were not quoted. Wheat receipts on the exchange floor were 5 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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