DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was steady at 41 cents under the July futures contract, and the DTN National Corn Index was down 5 cents at $4.39. The national average basis for soybeans was steady at 69 cents under the July futures, and the DTN National Soybean Index was down 11 cents at $11.42. The national average basis for hard red winter (HRW) wheat was 1 cent stronger at 71 cents under the July futures contract, and the DTN National Hard Red Winter Wheat Index was down 4 cents at $6.19. The national average basis for hard red spring (HRS) wheat was steady at 52 cents under the MIAX Minneapolis July futures contract, while the DTN National Hard Red Spring Wheat Index was down 3 cents at $6.44.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.39	-$0.05	-$0.41	Jul	$0.004
Soybeans:	$11.42	-$0.11	-$0.69	Jul	-$0.002
SRW Wheat:	$5.70	-$0.14	-$0.58	Jul	-$0.006
HRW Wheat:	$6.19	-$0.04	-$0.71	Jul	$0.004
HRS Wheat:	$6.44	-$0.03	-$0.52	Jul	$0.004

CORN:

The national average corn basis for Tuesday was 41 cents under the July futures, unchanged from Monday's basis. PNW basis for May is 2 cents weaker at +115N and CIF is 3 cents weaker at +82N. Track St. Louis is 3 cents weaker at +25N. Processors are mixed with Cedar Rapids, Iowa, steady at -18N; Fort Dodge, Iowa, is 3 cents weaker at -37N; Council Bluffs, Iowa, is at -16N; Des Moines, Iowa, is at -25N; Decatur, Illinois, is steady at +8N; Mitchell, South Dakota, is steady at -70N; Blair, Nebraska, is steady at -23N; Hastings, Nebraska, is steady at -50N; Lincoln, Nebraska, is at -35N; Garden City, Kansas, is at -50N; Columbus, Nebraska, is steady at -15N; St. Paul, Minnesota, is 2 cents stronger -45N; and Marshall, Minnesota, is 4 cents weaker at -50N.

SOYBEAN:

The national average soybean basis for Tuesday was 69 cents under the July futures, unchanged from Monday's basis. PNW basis bid for May is 5 cents stronger at +105N. CIF basis is 2 cents weaker at +83N and track St. Louis is steady at +23N. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 2 cents stronger at +2N; St. Paul, Minnesota, is 6 cents stronger at -52N and basis on the Illinois River at Havana, Illinois, is 1 cent weaker at -9N. 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 at +20N; Volga, South Dakota, is steady at -40N; Spiritwood, North Dakota, is 5 cents weaker at -45N; 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. BN secondary shuttle freight for returns is bid plus $1200 over tariff against no offers, FH May is bid plus $1200 over against offers of plus $2000 over, LH May is bid is bid plus $700 over against offers of plus $1500 over and June is bid plus $300 over against offers of plus $700 over. UP secondary freight for returns is bid plus $200 over against no offers, FH May is bid $200 over against no offers and LH May is bid plus $100 against offers of plus even money against offers of plus $350 over.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Tuesday was 58 cents under the July futures, 1 cent weaker than Monday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Tuesday was 71 cents under the Kansas City July futures, 1 cent stronger than Monday'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.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Tuesday was 52 cents under the MIAX Minneapolis July futures, unchanged from Monday's basis. July corn closed down 5 3/4 cents per bushel at $4.80 and September finished down 5 cents per bushel at $4.85 1/2, closing higher with soybeans and wheat. Corn also saw pressure from USDA reporting corn planting increased to 38% done versus 25% last week. Tennessee is leading the way at 87% done, Kentucky and Texas are next at 77% done. Michigan, Wisconsin and North Dakota are coming in behind their five-year average. Average emergence of the 18 reporting states is at 13% versus five-year average of 9%.

Mary Kennedy can be reached at mary.kennedy@dtn.com

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