DTN Daily Basis Comments
Tuesday Morning Basis Comments
DAILY BASIS AND CASH INDEX SUMMARY:
The national average basis for corn steady at 39 cents under the May futures contract, while the DTN National Corn Index was up 2 cents at $4.15. The national average basis for soybeans was unchanged at 71 cents under the May futures, while the DTN National Soybean Index was up 3 cents at $10.96. The national average basis for hard red winter (HRW) wheat was steady at 73 cents under the May futures contract, while the DTN National Hard Red Winter Wheat Index was down 7 cents at $5.35. The national average basis for hard red spring (HRS) wheat was steady at 36 cents under the MIAX Minneapolis May futures contract, while the DTN National Hard Red Spring Wheat Index was down 2 cents at $6.08.
| DTN Cash | Change From | National | Contract | Change from | |
| Commodity | Index | Prev Day | Avg. Basis | Month | Prev Day |
| Corn: | $4.15 | $0.02 | -$0.39 | May | $0.006 |
| Soybeans: | $10.96 | $0.03 | -$0.71 | May | -$0.001 |
| SRW Wheat: | $5.42 | $0.00 | -$0.53 | May | $0.026 |
| HRW Wheat: | $5.35 | -$0.07 | -$0.73 | May | $0.002 |
| HRS Wheat: | $6.08 | -$0.02 | -$0.36 | May | -$0.002 |
CORN:
The national average corn basis for Monday was 39 cents under the May futures, unchanged from Thursday's basis. PNW basis for May is 2 cents stronger at +112K and CIF is steady at +87K. Track St. Louis is 4 cents weaker at +32K. Processors are mixed with Cedar Rapids, Iowa, steady at -14K; Fort Dodge, Iowa, is 4 cents weaker at -34K; Council Bluffs, Iowa, is 2 cents stronger at -14K; Des Moines, Iowa, is 2 cents weaker at -22K; Decatur, Illinois, is steady at -5K; Mitchell, South Dakota, is 2 cents stronger at -58K; Blair, Nebraska, is 3 cents weaker at -21K; Hastings, Nebraska, is steady at -40K; Lincoln, Nebraska, is steady at -36K; Garden City, Kansas, is steady at -40K; Columbus, Nebraska, is steady at -25K; St. Paul, Minnesota, is steady -43K; and Marshall, Minnesota, is steady at -37K.
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SOYBEAN:
The national average soybean basis for Monday was 71 cents under the May futures, unchanged from Thursday's basis. PNW basis bid for FH April is steady at +80K. CIF basis is 2 cents stronger at +76K and track St. Louis is steady at +8K. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is steady at -10K; St. Paul, Minnesota, is steady at -50K and basis on the Illinois River at Havana, Illinois, is steady at -19K. Processors are mixed with Council Bluffs, Iowa, is steady at -45K; Des Moines, Iowa, is steady at -30K; Cedar Rapids, Iowa, is steady at -25K; Sioux City is 5 cents stronger at -35K; Decatur, Illinois, is 12 cents stronger at +12K; Volga, South Dakota, is steady at -62K; Spiritwood, North Dakota, is steady at -50K; NDSP Casselton, North Dakota is steady at -50K; Hastings, Nebraska, is steady at -90K; Lincoln, Nebraska, is steady at -50K; Aberdeen, South Dakota, is steady at -80K; Mitchell, South Dakota, is 10 cents stronger at -52K; and Mankato, Minnesota, is steady at -45K. BN secondary shuttle freight for returns is bid plus $700 over against offers of plus $1000 over and April is bid plus $500 over against offers of plus $900 over. UP secondary freight for returns is bid plus $300 over against no offers and April is plus $300 over against offers of plus $600 over.
SOFT RED WINTER WHEAT:
The national average SRW wheat basis for Monday was 53 cents under the May futures 3 cents stronger than Thursday's basis.
HARD RED WINTER WHEAT:
The national average HRW wheat basis for Monday was 73 cents under the Kansas City May futures, unchanged from Thursday's basis. Spot premiums were steady with ordinary protein unchanged at +100; 11% through 11.8 steady at +115; 12% though 12.2% is steady at +120; 12.4% through 13.0% is steady at +115; 13.2% through 13.8% was steady at +130 and 14% is steady at +141. Gulf bid for spot 11% protein is steady at +90 with no protein bumps. PNW 11.5% is steady at +135, while Texas Gulf basis for 11% is steady at +125. The first weekly crop progress report came out Monday and winter wheat conditions on average are at 35% good to excellent, well below trade expectations of 42%, and poor to very poor are at 31% vs 21% one year ago.
HARD RED SPRING WHEAT:
The national average HRS wheat basis for Monday was 36 cents under the MIAX Minneapolis May futures, unchanged from Thursday'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 unchanged at +80N; 13.5% proteins are unchanged at +105N to +120N; 14% proteins are unchanged at +105 to +115; 14.5% proteins are at +105;; 15% proteins are unchanged at +170N to +225N and 16% proteins were not quoted. Wheat receipts on the exchange floor were 19 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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