DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was steady at 40 cents under the July futures contract, while the DTN National Corn Index was down 12 cents at $4.16. The national average basis for soybeans was 1 cent stronger at 65 cents under the July futures, while the DTN National Soybean Index was down 14 cents at $11.12. The national average basis for hard red winter (HRW) wheat was 1 cent weaker at 67 cents under the July futures contract, while the DTN National Hard Red Winter Wheat Index was down 17 cents at $6.21. The national average basis for hard red spring (HRS) wheat was steady at 53 cents under the MIAX Minneapolis July futures contract, while the DTN National Hard Red Spring Wheat Index was down 18 cents at $6.32.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.16	-$0.12	-$0.40	Jul	$0.001
Soybeans:	$11.12	-$0.14	-$0.65	Jul	$0.010
SRW Wheat:	$5.80	-$0.19	-$0.56	Jul	$0.031
HRW Wheat:	$6.21	-$0.17	-$0.67	Jul	-$0.001
HRS Wheat:	$6.32	-$0.18	-$0.53	Jul	-$0.003

CORN:

The national average corn basis for Friday was 40 cents under the July futures, unchanged from Thursday's basis. PNW basis for May is steady at +122N and CIF is steady at +80N. Track St. Louis is steady at +25N. Processors are mixed with Cedar Rapids, Iowa, 3 cents weaker at -20N; Fort Dodge, Iowa, is steady at -37N; Council Bluffs, Iowa, is steady at -10N; Des Moines, Iowa, is steady at -27N; Decatur, Illinois, is steady at +10N; Mitchell, South Dakota, is steady at -64N; Blair, Nebraska, is steady at -17N; Hastings, Nebraska, is 5 cents stronger at -45N; Lincoln, Nebraska, is at -35N; Garden City, Kansas, is at -50N; Columbus, Nebraska, is 5 cents stronger at -22N; St. Paul, Minnesota, is steady at -45N; and Marshall, Minnesota, is steady at -54N.

SOYBEAN:

The national average soybean basis for Friday was 65 cents under the July futures, 1 cent stronger than Thursday's basis. PNW basis bid for May is steady at +100N. CIF basis is 2 cents weaker at +78N and track St. Louis is steady at +19N. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is steady at +6N; St. Paul, Minnesota, is steady at -52N and basis on the Illinois River at Havana, Illinois, is steady at -8N. Processors are mixed with Council Bluffs, Iowa, steady at -35N; Des Moines, Iowa, is steady at -25N; Cedar Rapids, Iowa, is steady at -30N; Sioux City is 5 cents weaker at -20N; Decatur, Illinois, is at +15N; Volga, South Dakota, is steady at -25N; Spiritwood, North Dakota, is steady at -35N; NDSP Casselton, North Dakota is steady at -45N; Hastings, Nebraska, is at -75N; Lincoln, Nebraska, is steady at -30N; Aberdeen, South Dakota, is steady at -70N; Mitchell, South Dakota, is steady at -10N; and Mankato, Minnesota, is steady at -25N.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Friday was 56 cents under the July futures, 3 cents stronger than Thursday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Friday was 67 cents under the Kansas City July futures, 1 cent weaker than Thursday's basis. Spot premiums were mixed as mills are starting to buy given concern over the new crop quality. Ordinary protein was steady at +125; 11% through 11.4% is steady at +127; 11.6% was steady at +130; 11.8% through 12.2% was steady at +135; 12.4% through 12.6% was up 2 at +130; 12.8% is up 7 at +135; 13% through 13.4% is up 5 at +135; 13.6 through 14% is up 5 at +135. 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 +135.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Friday was 53 cents under the MIAX Minneapolis July futures, unchanged from Thursday'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 not quoted; 14% proteins are steady at +125; 14.5% proteins are steady at +140; 15% proteins are unchanged to down 25 at +150 to +200 and 16% proteins were not quoted. Wheat receipts on the exchange floor were 34 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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