DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn is steady at 39 cents under the May futures contract, while the DTN National Corn Index was down 5 cents at $4.10. The national average basis for soybeans was 1 cent stronger at 70 cents under the May futures, while the DTN National Soybean Index was down 8 cents at $10.88. 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 1 cent 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 3 cents at $6.05.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.10	-$0.05	-$0.39	May	$0.002
Soybeans:	$10.88	-$0.08	-$0.70	May	$0.008
SRW Wheat:	$5.45	$0.03	-$0.53	May	$0.001
HRW Wheat:	$5.35	-$0.01	-$0.73	May	$0.000
HRS Wheat:	$6.05	-$0.03	-$0.36	May	$0.002

CORN:

The national average corn basis for Tuesday was 39 cents under the May futures, unchanged from Monday's basis. PNW basis for May is steady at +112K and CIF is 1 cent stronger at +88K. Track St. Louis is 1 cent stronger at +33K. Processors are mixed with Cedar Rapids, Iowa, steady at -14K; Fort Dodge, Iowa, is steady at -34K; Council Bluffs, Iowa, is 2 cents stronger at -12K; Des Moines, Iowa, is steady at -22K; Decatur, Illinois, is steady at -5K; Mitchell, South Dakota, is steady at -58K; Blair, Nebraska, is steady 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.

SOYBEAN:

The national average soybean basis for Tuesday was 70 cents under the May futures, 1 cent stronger than Monday's basis. PNW basis bid for FH April is 5 cents stronger at +85K. CIF basis is 1 cent stronger at +77K and track St. Louis is 6 cents stronger at +14K. 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 5 cents stronger at -40K; Des Moines, Iowa, is steady at -30K; Cedar Rapids, Iowa, is steady at -25K; Sioux City is steady at -35K; Decatur, Illinois, is 8 cents stronger at +20K; 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 $500 over.

SOFT RED WINTER WHEAT:

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

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Tuesday was 73 cents under the Kansas City May futures, unchanged from Monday'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. There is talk in the trade that we may see some CCC business this week.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Tuesday was 36 cents under the MIAX Minneapolis May futures, unchanged from Monday'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 up 10 at +90; 13.5% proteins are unchanged at +105N to +120N; 14% proteins are down 5 to down 10 at +100 to +115; 14.5% proteins are at +105N; 15% proteins are unchanged to down 5 at +170N to +220 and 16% proteins were not quoted. Wheat receipts on the exchange floor were 16 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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