DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was 1 cent stronger at 41 cents under the July futures contract, and the DTN National Corn Index was up 6 at $4.45. The national average basis for soybeans was 2 cents stronger at 69 cents under the July futures, and the DTN National Soybean Index was up 21 cents at $11.54. The national average basis for hard red winter (HRW) wheat was 9 cents weaker at 72 cents under the July futures contract, and the DTN National Hard Red Winter Wheat Index was down 8 cents at $6.23. The national average basis for hard red spring (HRS) wheat was 2 cents stronger at 52 cents under the MIAX Minneapolis July futures contract, while the DTN National Hard Red Spring Wheat Index was down 3 cents at $6.47.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.45	$0.06	-$0.41	Jul	$0.009
Soybeans:	$11.54	$0.21	-$0.69	Jul	$0.016
SRW Wheat:	$5.84	$0.02	-$0.57	Jul	-$0.010
HRW Wheat:	$6.23	-$0.08	-$0.72	Jul	-$0.084
HRS Wheat:	$6.47	-$0.03	-$0.52	Jul	$0.015

CORN:

The national average corn basis for Monday was 41 cents under the July futures, 1 cent stronger than Friday's basis. PNW basis for May is steady at +117N and CIF is steady at +85N. Track St. Louis is steady at +28N. Processors are mixed with Cedar Rapids, Iowa, steady at -18N; Fort Dodge, Iowa, is steady at -34N; Council Bluffs, Iowa, is at -16N; Des Moines, Iowa, is at -25N; Decatur, Illinois, is steady at +8N; Mitchell, South Dakota, is 10 cents weaker at -70N; Blair, Nebraska, is steady at -23N; Hastings, Nebraska, is steady at -50N; Lincoln, Nebraska, is 4 cents stronger at -30K; Garden City, Kansas, is at -50N; Columbus, Nebraska, is steady at -15K; St. Paul, Minnesota, is steady-47N; and Marshall, Minnesota, is 4 cents weaker at -54N.

SOYBEAN:

The national average soybean basis for Monday was 69 cents under the July futures, 2 cents stronger than Friday's basis. PNW basis bid for May is steady at +100N. CIF basis is steady at +85N and track St. Louis is steady at +23N. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is at option the N; St. Paul, Minnesota, is steady at -58N and basis on the Illinois River at Havana, Illinois, is at +10N. Processors are mixed with Council Bluffs, Iowa, steady at -35N; Des Moines, Iowa, is at -30N; Cedar Rapids, Iowa, is steady at -30N; Sioux City is steady at -25N; Decatur, Illinois, is steady at +28K; Volga, South Dakota, is steady at -40N; Spiritwood, North Dakota, is 5 cents stronger at -40N; NDSP Casselton, North Dakota is steady at -50N; Hastings, Nebraska, is at -75N; Lincoln, Nebraska, is steady at -30N; Aberdeen, South Dakota, is steady at -75N; Mitchell, South Dakota, is steady at -30N; and Mankato, Minnesota, is steady at -30N.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Monday was 57 cents under the July futures, 1 cent weaker than Friday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Monday was 72 cents under the Kansas City July futures, 9 cents weaker than Friday's basis. Spot premiums were unchanged. Ordinary protein was steady at +110; 11% through 11.2% was steady at +125; 11.4 through 11.6% is up 2 at +127; 11.8% through 12.2% is up 1 at +127; 12.4% through 13.4% is steady at +122; 13.6 through 13.8% was up 11 at +133 and 14% is up 2 at +133. Gulf bid for spot 11% protein is steady at +120 with no protein bumps. PNW 11.5% is steady at +130, while Texas Gulf basis for 11% is steady at +135. USDA Crop Progress reported Monday that winter wheat good to excellent rating improved slightly at 31% G/E, while the poor to very poor increased +2% to 37%. Kansas was down 1% to 22% G/E, Oklahoma was up +2% at 16%, Texas was up +4% at 16%, Colorado was down to a record low of 5% G/E from 8% last week, and Montana was up +6% at 29% G/E. Spring wheat planting was at 32% vs 35% average, with North Dakota and Minnesota behind. Here is my spring wheat planting story: https://www.dtnpf.com/…

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Monday was 52 cents under the MIAX Minneapolis July futures, 2 cents stronger than Friday'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 unchanged at +85N to +110N; 14% proteins are up 30 to down 10 at +120; 14.5% proteins are unchanged at +120N; 15% proteins are down 45 to down 25 at +250 to +300 and 16% proteins were not quoted. Wheat receipts on the exchange floor were 12 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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