DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was 1 cent weaker at 44 cents under the July futures contract, while the DTN National Corn Index was up 5 at $4.32. The national average basis for soybeans was steady at 76 cents under the July futures, and the DTN National Soybean Index was down 3 cents at $11.13. The national average basis for hard red winter (HRW) wheat was 2 cents stronger at 74 cents under the July futures contract, and the DTN National Hard Red Winter Wheat Index was up 29 cents at $6.28. The national average basis for hard red spring (HRS) wheat was 1 cent stronger at 50 cents under the MIAX Minneapolis July futures contract, while the DTN National Hard Red Spring Wheat Index was up 20 cents at $6.63.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.32	$0.05	-$0.44	Jul	-$0.009
Soybeans:	$11.13	-$0.03	-$0.76	Jul	$0.002
SRW Wheat:	$5.97	$0.28	-$0.61	Jul	$0.000
HRW Wheat:	$6.28	$0.29	-$0.74	Jul	$0.022
HRS Wheat:	$6.63	$0.20	-$0.50	Jul	$0.011

CORN:

The national average corn basis for Tuesday was 44 cents under the July futures, 1 cent weaker than Monday's basis. PNW basis for May is steady at +125K and CIF is steady at +97K. Track St. Louis is steady at +44K. Processors are mixed as basis is starting to move to N. Cedar Rapids, Iowa, 2 cents stronger at -10K; Fort Dodge, Iowa, is at -34N; Council Bluffs, Iowa, is steady at -4K; Des Moines, Iowa, is steady at -15K; Decatur, Illinois, is at +8N; Mitchell, South Dakota, is steady at -50K; Blair, Nebraska, is 3 cents weaker at -13K; Hastings, Nebraska, is steady at -40K; Lincoln, Nebraska, is steady at -34K; Garden City, Kansas, is at -50N; Columbus, Nebraska, is steady at -10K; St. Paul, Minnesota, is steady -40K; and Marshall, Minnesota, is 3 cents weaker at -38K.

SOYBEAN:

The national average soybean basis for Tuesday was 61 cents under the July futures, unchanged from Monday's basis. PNW basis bid for April is steady at +115K. CIF basis is steady at +99K and track St. Louis is steady at +34K. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 5 cents stronger at +11K; St. Paul, Minnesota, is steady at -56K and basis on the Illinois River at Havana, Illinois, is steady at option the K. Processors are mixed as basis is starting to move to N. Council Bluffs, Iowa, steady at -45N; Des Moines, Iowa, is steady at -20K; Cedar Rapids, Iowa, is at -30N; Sioux City is at -25N; Decatur, Illinois, is steady at +28K; Volga, South Dakota, is 5 cents weaker at -55N; Spiritwood, North Dakota, is at -45N; NDSP Casselton, North Dakota is steady at -45K; Hastings, Nebraska, is steady at -65K; Lincoln, Nebraska, is steady at -30N; Aberdeen, South Dakota, is at -80N; Mitchell, South Dakota, is at -35N; and Mankato, Minnesota, is steady at -30N. BN secondary shuttle freight for returns is not bid or offered, May is bid plus $400 over against offers of plus $1000 over and June is bid plus $200 over against offers of plus $300 over. UP secondary freight for returns is not bid or offered, May is bid even money against offers of plus $200 over.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Tuesday was 61 cents under the July futures, unchanged from Monday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Tuesday was 74 cents under the Kansas City July futures, 2 cents stronger than Monday's basis. Spot premiums were unchanged. Ordinary protein was steady at +110; 11% through 11.8% is steady at +115; 12% through 12.4% is steady at +125; 12.6% through 13% is steady at +125; 13.2% is steady at +130; 13.4% through 13.8% was steady at +120 and 14% is steady at +131. Gulf bid for spot 11% protein is up 10 at +120 with no protein bumps. PNW 11.5% is steady at +130, while Texas Gulf basis for 11% is steady at +135.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Tuesday was 50 cents under the MIAX Minneapolis July futures, 1 cent stronger than 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 not quoted; 13.5% proteins are unchanged at +120*; 14% proteins are down 40 to unchanged at +85 to +125N; 14.5% proteins are not quoted; 15% proteins are up 25 at +325 and 16% proteins were not quoted. Wheat receipts on the exchange floor were 40 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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