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, while the DTN National Corn Index was up 4 cents at $4.35 The national average basis for soybeans was steady at 68 cents under the July futures, while the DTN National Soybean Index was up 5 cents at $11.45. The national average basis for hard red winter (HRW) wheat was steady at 68 cents under the July futures contract, while the DTN National Hard Red Winter Wheat Index was up 11 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 up 8 cents at $6.34.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.35	$0.04	-$0.41	Jul	$0.001
Soybeans:	$11.45	$0.05	-$0.68	Jul	$0.003
SRW Wheat:	$5.79	$0.15	-$0.55	Jul	$0.003
HRW Wheat:	$6.19	$0.11	-$0.68	Jul	$0.002
HRS Wheat:	$6.34	$0.08	-$0.52	Jul	-$0.003

CORN:

The national average corn basis for Monday was 41 cents under the July futures, unchanged from Friday's basis. PNW basis for May is 5 cents stronger at +120N and CIF is 1 cent weaker at +80N. Track St. Louis is steady at +25N. Processors are mixed with Cedar Rapids, Iowa, 2 cents stronger at -12N; Fort Dodge, Iowa, is steady at -37N; Council Bluffs, Iowa, is steady at -12N; Des Moines, Iowa, is steady at -27N; Decatur, Illinois, is steady at +8N; Mitchell, South Dakota, is steady at -60N; Blair, Nebraska, is 4 cents stronger at -17N; 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 4 cents weaker at -54N.

SOYBEAN:

The national average soybean basis for Monday was 68 cents under the July futures, unchanged from Friday's basis. PNW basis bid for May is steady at +100N. CIF basis is 2 cents stronger at +77N and track St. Louis is steady at +17N. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is steady at +8N; St. Paul, Minnesota, is steady at -52N and basis on the Illinois River at Havana, Illinois, is 3 cents weaker at -15N. Processors are mixed with Council Bluffs, Iowa, steady at -35N; Des Moines, Iowa, is 5 cents stronger at -25N; Cedar Rapids, Iowa, is steady at -30N; Sioux City is 10 cents stronger at -15N; Decatur, Illinois, is at +20N; Volga, South Dakota, is 5 cents stronger at -25N; Spiritwood, North Dakota, is 5 cents stronger at -35N; NDSP Casselton, North Dakota is 5 cents stronger at -45N; Hastings, Nebraska, is at -75N; Lincoln, Nebraska, is steady at -30N; Aberdeen, South Dakota, is steady at -75N; Mitchell, South Dakota, is 10 cents stronger at -20N; and Mankato, Minnesota, is 5 cents stronger at -25N.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Monday was 55 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 68 cents under the Kansas City July futures, unchanged from Friday's basis. Spot premiums were unchanged but expect mills to start buying given concern over the new crop quality. Ordinary protein was steady at +115; 11% through 12.4% is steady at +127; 12.6 through 12.8% is steady at +128; 13% through 13.4% is steady at +130; 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 steady at +115, while Texas Gulf basis for 11% is steady at +125. Monday's USDA weekly crop progress report should a drop in good to excellent winter wheat condition at 28% versus 31% last week. Poor to very poor rating dropped in Kansas, Oklahoma, Texas and Nebraska. Spring wheat planting is at 53% vs 51% average, and 23% of the crop has emerged versus 19% average.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Monday was 52 cents under the MIAX Minneapolis July futures, unchanged from 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 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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