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 12 cents at $4.27. The national average basis for soybeans was steady at 69 cents under the July futures, and the DTN National Soybean Index was down 17 cents at $11.26. The national average basis for hard red winter (HRW) wheat was 1 cent stronger at 70 cents under the July futures contract, and the DTN National Hard Red Winter Wheat Index was down 2 cents at $6.17. 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 4 cents at $6.40.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.27	-$0.12	-$0.41	Jul	-$0.004
Soybeans:	$11.26	-$0.17	-$0.69	Jul	$0.002
SRW Wheat:	$5.60	-$0.10	-$0.57	Jul	$0.009
HRW Wheat:	$6.17	-$0.02	-$0.70	Jul	$0.009
HRS Wheat:	$6.40	-$0.04	-$0.52	Jul	$0.000

CORN:

The national average corn basis for Wednesday was 41 cents under the July futures, unchanged from Tuesday's basis. PNW basis for May is steady at +115N and CIF is 1 cent weaker at +81N. Track St. Louis is steady at +25N. Processors are mixed with Cedar Rapids, Iowa, steady at -18N; Fort Dodge, Iowa, is steady at -37N; Council Bluffs, Iowa, is 2 cents stronger at -14N; Des Moines, Iowa, is at -25N; Decatur, Illinois, is steady at +8N; Mitchell, South Dakota, is 10 cents stronger at -60N; 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 steady -45N; and Marshall, Minnesota, is steady at -50N.

SOYBEAN:

The national average soybean basis for Wednesday was 69 cents under the July futures, unchanged from Tuesday's basis. PNW basis bid for May is steady at +105N. CIF basis is 3 cents weaker at +80N and track St. Louis is 3 cents weaker at +20N. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 6 cents stronger at +8N; St. Paul, Minnesota, is steady at -52N and basis on the Illinois River at Havana, Illinois, is 1 cent weaker 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 at +20N; 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. BN secondary shuttle freight for returns is bid plus $1200 over tariff against no offers, FH May is bid plus $1000 over against no offers, LH May is bid is bid plus $700 over against no offers and June is bid plus $400 over against offers of plus $600 over. UP secondary freight for returns is bid plus $200 over against offers of plus $350, FH May is bid $200 over against no offers and LH May is bid plus $100 against offers of plus $350 over.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Wednesday was 57 cents under the July futures, 1 cent stronger than Tuesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Wednesday was 70 cents under the Kansas City July futures, 1 cent stronger than Tuesday's basis. Spot premiums were unchanged. Ordinary protein was steady at +110; 11% through 12.2% is steady at +127; 12.4% is steady at +126; 12.6 through 13.4% is steady at +122; 13.6 through 14% is steady at +133. Gulf bid for spot 11% protein is steady at +120 with no protein bumps. PNW 11.5% is 15 cents weaker at +115, while Texas Gulf basis for 11% is 10 cents weaker at +125.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Wednesday was 52 cents under the MIAX Minneapolis July futures, unchanged from 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 up 10 at +110; 14% proteins are up 10 to +130N; 14.5% proteins are unchanged at +120N; 15% proteins are down 35 to up 25 at +225 to +300 and 16% proteins were at +270B. Wheat receipts on the exchange floor were 25 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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