DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn 1 cent stronger at 40 cents under the May futures contract, while the DTN National Corn Index was down 3 cents at $4.14. The national average basis for soybeans was 2 cents stronger at 71 cents under the May futures, while the DTN National Soybean Index was down 1 cent at $10.97. The national average basis for hard red winter (HRW) wheat was 17 cents stronger at 54 cents under the May futures contract, while the DTN National Hard Red Winter Wheat Index was down 5 cents at $5.60. The national average basis for hard red spring (HRS) wheat was 1 cent weaker at 36 cents under the MIAX Minneapolis May futures contract, while the DTN National Hard Red Spring Wheat Index was down 18 cents at $6.06.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.14	-$0.03	-$0.40	May	$0.006
Soybeans:	$10.97	-$0.01	-$0.71	May	$0.018
SRW Wheat:	$5.45	-$0.18	-$0.52	May	$0.011
HRW Wheat:	$5.60	-$0.05	-$0.54	May	$0.171
HRS Wheat:	$6.06	-$0.18	-$0.36	May	-$0.013

CORN:

The national average corn basis for Wednesday was 40 cents under the May futures, 1 cent stronger than Tuesday's basis. PNW basis for May is steady at +110K and CIF is steady at +85K. Track St. Louis is steady at +32K. Processors are mixed with Cedar Rapids, Iowa, steady at -14K; Fort Dodge, Iowa, is steady at -40K; Council Bluffs, Iowa, is 2 cents stronger at -16K; Des Moines, Iowa, is 6 cents stronger at -20K; Decatur, Illinois, is steady at -5K; Mitchell, South Dakota, is steady at -60K; Blair, Nebraska, is steady at -18K; Hastings, Nebraska, is steady at -43K; Lincoln, Nebraska, is steady at -36K; Garden City, Kansas, is steady at -40K; Columbus, Nebraska, is steady at -25K; St. Paul, Minnesota, is -50K; and Marshall, Minnesota, is steady at -37K.

SOYBEAN:

The national average soybean basis for Wednesday was 71 cents under the May futures, 2 cents stronger than Tuesday's basis. PNW basis bid for is steady at +75K. March CIF basis is steady at +74K and track St. Louis is steady at +8K. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 2 cents stronger at -10K; St. Paul, Minnesota, is steady at -50K and basis on the Illinois River at Havana, Illinois, is steady at -18K. Processors are mixed with Council Bluffs, Iowa, is steady at -45K; Des Moines, Iowa, is 10 cents stronger at -30K; Cedar Rapids, Iowa, is steady at -25K; Sioux City is steady at -40K; Decatur, Illinois, is steady at +12K; Volga, South Dakota, is steady at -67K; Spiritwood, North Dakota, is steady at -50K; NDSP Casselton, North Dakota is steady at -50K; Hastings, Nebraska, is steady at -90K; Lincoln, Nebraska, is 5 cents weaker at -50K; Aberdeen, South Dakota, is steady at -80K; Mitchell, South Dakota, is steady at -62K; and Mankato, Minnesota, is steady at -45K. BN secondary shuttle freight for returns is bid plus $500 over against no offers and April is bid plus $600 over against offers of plus $1100 over. UP secondary freight for returns is bid plus $350 over against no offers and FH April is bid plus $350 over against offers of plus $500 over.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Wednesday was 52 cents under the May futures 1 cent stronger than Tuesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Wednesday was 54 cents under the Kansas City May futures, 17 cents stronger than Tuesday's basis. Spot premiums were mostly steady with ordinary protein down 5 at +110; 11% through 11.8 steady at +115; 12% though 12.2% is steady at +130; 12.4% through 13.0% is steady at +115; 13.2% through 14% was steady at +130. Gulf bid for spot 11% protein is down 15 at +90 with no protein bumps. PNW 11.5% is steady at +125, while Texas Gulf basis for 11% is steady at +125. Algeria purchased 100,000 metric tons of wheat in their recent tender.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Wednesday was 36 cents under the MIAX Minneapolis May futures, 1 cent weaker than Tuesday'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 were are at +80; 13.5% proteins are at +105 to +120; 14% proteins are up 10 at +120; 14.5% proteins are not quoted;; 15% proteins are 10 to up 5 at +200 to +225 and 16% proteins were not quoted. Wheat receipts on the exchange floor were 17 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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