DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was steady at 44 cents under the July futures contract, while the DTN National Corn Index was up 2 at $4.34. The national average basis for soybeans was 2 cents stronger at 74 cents under the July futures, and the DTN National Soybean Index was up 10 cents at $11.23. The national average basis for hard red winter (HRW) wheat was 4 cents weaker at 78 cents under the July futures contract, and the DTN National Hard Red Winter Wheat Index was down 2 cents at $6.27. The national average basis for hard red spring (HRS) wheat was 1 cent stronger at 49 cents under the MIAX Minneapolis July futures contract, while the DTN National Hard Red Spring Wheat Index was up 4 cents at $6.67.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.34	$0.02	-$0.44	Jul	$0.000
Soybeans:	$11.23	$0.10	-$0.74	Jul	$0.022
SRW Wheat:	$5.92	-$0.05	-$0.61	Jul	$0.000
HRW Wheat:	$6.27	-$0.02	-$0.78	Jul	-$0.041
HRS Wheat:	$6.67	$0.04	-$0.49	Jul	$0.014

CORN:

The national average corn basis for Wednesday was 44 cents under the July futures, unchanged from Tuesday's basis. PNW basis for May is steady at +118N and CIF is steady at +85N. Track St. Louis is steady at +30N. Processors are mixed as basis is starting to move to N. Cedar Rapids, Iowa, steady 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 steady at -13K; Hastings, Nebraska, is steady at -50N; Lincoln, Nebraska, is steady at -34K; Garden City, Kansas, is at -50N; Columbus, Nebraska, is 5 cents weaker at -15K; St. Paul, Minnesota, is steady -49N; and Marshall, Minnesota, is at -50N.

SOYBEAN:

The national average soybean basis for Wednesday was 74 cents under the July futures, 2 cents stronger than Tuesday's basis. PNW basis bid for April is steady at +115K. CIF basis is steady at +99K and track St. Louis is 4 cents stronger at +38K. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is steady at +11K; St. Paul, Minnesota, is steady at -60N and basis on the Illinois River at Havana, Illinois, is 5 cents stronger at +5K. Processors are mixed as basis is starting to move to N. Council Bluffs, Iowa, 10 cents stronger at -35N; Des Moines, Iowa, is at -30N; Cedar Rapids, Iowa, is at -30N; Sioux City is 5 cents stronger at -20N; Decatur, Illinois, is steady at +28K; Volga, South Dakota, is 5 cents weaker at -45N; Spiritwood, North Dakota, is at -45N; NDSP Casselton, North Dakota is at -50N; Hastings, Nebraska, is steady at -65K; Lincoln, Nebraska, is steady at -30N; Aberdeen, South Dakota, is at -80N; Mitchell, South Dakota, is 5 cents stronger at -30N; and Mankato, Minnesota, is steady at -30N. BN secondary shuttle freight for returns is not bid or offered, FH May is bid plus $700 over against no offers, May is bid is bid plus $600 over against offers of plus $900 over and June is bid plus $200 over against offers of plus $400 over. UP secondary freight for returns is not bid or offered, FP May is bid $100 over against no offers and May is bid even money against offers of plus $300 over.

SOFT RED WINTER WHEAT:

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

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Wednesday was 78 cents under the Kansas City July futures, 4 cents weaker than Tuesday's basis. Spot premiums were unchanged. Ordinary protein was steady at +110; 11% through 11.6% is steady at +125; 11.8% through 12.4% is up 1 at +126; 12.6% through 13% is up 7 at +122; 13.2% through 13.8% was up 2 at +122 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 Wednesday was 49 cents under the MIAX Minneapolis July futures, 1 cent stronger than Tuesday's basis. The MIAX Futures Exchange LLC Floor Trading Summary of spot milling spring wheat cash premiums closed as follows, basis the July MIAX spring wheat futures: 12% proteins are not quoted; 13% proteins were not quoted; 13.5% proteins are at +110B*; 14% proteins are at +100 to +105; 14.5% proteins are at +155; 15% proteins are up 40 at +240 to +300 and 16% proteins were not quoted. Wheat receipts on the exchange floor were 50 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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