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 6 cents at $4.29. The national average basis for soybeans was unchanged at 75 cents under the May futures, while the DTN National Soybean Index was up 7 cents at $10.93. 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 1 cent at $5.56. The national average basis for hard red spring (HRS) wheat was steady at 40 cents under the MIAX Minneapolis May futures contract, while the DTN National Hard Red Spring Wheat Index was up 6 cents at $6.04.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.29	$0.06	-$0.41	May	-$0.001
Soybeans:	$10.93	$0.07	-$0.75	May	$0.002
SRW Wheat:	$5.55	$0.04	-$0.53	May	$0.001
HRW Wheat:	$5.56	$0.01	-$0.71	May	-$0.002
HRS Wheat:	$6.04	$0.06	-$0.40	May	-$0.001

CORN:

The national average corn basis for Thursday was 41 cents under the May futures, unchanged from Wednesday's basis. PNW basis for May is steady at +105K and CIF is steady at +80K. March track St. Louis is 2 cents stronger at +22K. Processors are mixed with Cedar Rapids, Iowa, steady at -18K; Fort Dodge, Iowa, is 1 cent stronger at -40K; 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 steady at -40K.

SOYBEAN:

The national average soybean basis for Thursday was 75 cents under the May futures, unchanged from Wednesday's basis. PNW basis bid for LH March is steady at +70K. March CIF basis is 3 cents weaker at +60K and track St. Louis is steady 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 -35K. Processors are mixed with Council Bluffs, Iowa, steady at -55K; Des Moines, Iowa, is 10 cents stronger 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 steady 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 $500 over against no offers, LH March is bid plus $500 over against no offers and April is bid plus $350 over against offers of plus $700 over. UP secondary freight for returns is bid plus $500 over against no offers, LH March is bid plus $500 over against no offers, and April is bid plus $100 over against offers of plus $400 over.

SOFT RED WINTER WHEAT:

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

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Thursday was 71 cents under the Kansas City May futures, unchanged from Wednesday'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. Taiwan flour millers bought a combo of 105,000 metric tons of U.S. milling wheat of DNS, HRW, WW.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Thursday was 40 cents under the MIAX Minneapolis May 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 May MIAX spring wheat futures: 12% proteins are not quoted; 13% proteins are not quoted; 13.5% proteins are at +90; 14% proteins are not quoted; 14.5% proteins are not quoted; 15% proteins are up 80 to unchanged at +200N and 16% proteins were not quoted. Wheat receipts on the exchange floor were 9 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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