DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was 1 cent stronger at 40 cents under the July futures contract, while the DTN National Corn Index was up 5 cents at $4.40 The national average basis for soybeans was steady at 68 cents under the July futures, while the DTN National Soybean Index was up 14 cents at $11.59. 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 45 cents at $6.64. The national average basis for hard red spring (HRS) wheat was 1 cent weaker at 53 cents under the MIAX Minneapolis July futures contract, while the DTN National Hard Red Spring Wheat Index was up 37 cents at $6.71.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.40	$0.05	-$0.40	Jul	$0.003
Soybeans:	$11.59	$0.14	-$0.68	Jul	-$0.001
SRW Wheat:	$6.23	$0.45	-$0.56	Jul	-$0.005
HRW Wheat:	$6.64	$0.45	-$0.68	Jul	-$0.001
HRS Wheat:	$6.71	$0.37	-$0.53	Jul	-$0.006

CORN:

The national average corn basis for Tuesday was 40 cents under the July futures, 1 cent stronger than Monday's basis. PNW basis for May is 2 cents stronger at +122N and CIF is steady at +80N. Track St. Louis is steady at +25N. Processors are mixed with Cedar Rapids, Iowa, steady at -12N; Fort Dodge, Iowa, is steady at -37N; Council Bluffs, Iowa, is 2 cents stronger at -10N; Des Moines, Iowa, is steady at -27N; Decatur, Illinois, is 2 cents stronger at +8N; Mitchell, South Dakota, is steady at -60N; Blair, Nebraska, is steady 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 steady at -54N.

SOYBEAN:

The national average soybean basis for Tuesday was 68 cents under the July futures, unchanged from Monday's basis. PNW basis bid for May is steady at +100N. CIF basis is 3 cents stronger at +80N and track St. Louis is 3 cents stronger at +20N. 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 5 cents stronger at -10N. 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 steady at -15N; Decatur, Illinois, is at +15N; Volga, South Dakota, is steady at -25N; Spiritwood, North Dakota, is steady at -35N; NDSP Casselton, North Dakota is 5 cents weaker at -50N; 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 -10N; and Mankato, Minnesota, is steady at -25N. BN secondary shuttle freight for returns is no bid or offered, LH May is bid is bid plus $1000 over against offers of plus $1500 and June is bid plus $500 over against offers of plus $1000 over. UP secondary freight for returns is not bid or offered and LH May is bid even money against offers of plus $350 over.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Tuesday was 56 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 68 cents under the Kansas City July futures, unchanged from Monday'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 up 10 at +135.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Tuesday was 53 cents under the MIAX Minneapolis July futures, 1 cent weaker than Monday's basis. July corn closed up 4 3/4 cents at $4.80 and December corn was up 4 1/4 cents at $4.86 1/4, closing higher but uneventful compared to the winter wheat markets closing limit up today. The WASDE report today while somewhat bullish, estimating lower production in 2026, the USDA estimates still showed the second largest crop on record. In the May 12 WASDE report, USDA estimated 1.957 billion bushels (bb) of U.S. ending corn stocks for the new 2026-27 season, based on a 16 bb corn crop. U.S. ending corn stocks for 2025-26 were increased from 2.127 bb to 2.142 bb, on reduced food and seed usage.

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

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