DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was 1 cent stronger at 39 cents under the July futures contract, while the DTN National Corn Index was down 2 cents at $4.36. The national average basis for soybeans was steady at 65 cents under the July futures, while the DTN National Soybean Index was down 3 cents at $11.45. The national average basis for hard red winter (HRW) wheat was steady weaker at 68 cents under the July futures contract, while the DTN National Hard Red Winter Wheat Index was unchanged at $6.35. The national average basis for hard red spring (HRS) wheat was steady at 55 cents under the MIAX Minneapolis July futures contract, while the DTN National Hard Red Spring Wheat Index was down 7 cents at $6.42.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.36	-$0.02	-$0.39	Jul	$0.002
Soybeans:	$11.45	-$0.03	-$0.65	Jul	$0.001
SRW Wheat:	$6.10	$0.03	-$0.57	Jul	$0.005
HRW Wheat:	$6.35	$0.00	-$0.68	Jul	$0.001
HRS Wheat:	$6.42	-$0.07	-$0.55	Jul	$0.001

CORN:

The national average corn basis for Tuesday was 39 cents under the July futures, 1 cent stronger than Monday's basis. PNW basis for May is 2 cents stronger at +123N and CIF is steady at +80N. Track St. Louis is steady at +25N. Processors are mixed with Cedar Rapids, Iowa, 3 cents stronger at -17N; 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 +12N; Mitchell, South Dakota, is steady at -64N; Blair, Nebraska, is 2 cents stronger at -15N; Hastings, Nebraska, is 5 cents stronger at -45N; Lincoln, Nebraska, is at -35N; Garden City, Kansas, is at -50N; Columbus, Nebraska, is 2 cents stronger at -20N; St. Paul, Minnesota, is steady at -45N; and Marshall, Minnesota, is steady at -54N.

SOYBEAN:

The national average soybean basis for Tuesday was 65 cents under the July futures, unchanged from Monday's basis. No PNW basis bid until October at +135X; CIF basis is steady at +78N and track St. Louis is up 4 at +23N. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is steady at +6N; St. Paul, Minnesota, is 4 cents stronger at -48N 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 stronger at -15N; Decatur, Illinois, is steady at +25N; Volga, South Dakota, is 10 cents stronger at -25N; Spiritwood, North Dakota, is steady at -30N; NDSP Casselton, North Dakota is steady at -40N; 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. BN secondary shuttle freight for returns is not bid or offered, LH May is bid plus $500 over against offers of plus $1000 and June is bid plus $400 over against offers of plus $700 over. UP secondary freight for returns is bid plus $100 over against no offers and LH May is bid even money against no offers.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Tuesday was 57 cents under the July futures, unchanged from 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 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 up 8 at +135; 11.6% through 12.2% was up 5 at +135; 12.4% through 12.6% was steady at +130; 12.8% through 14% is steady at +135. Gulf bid for spot 11% protein is up 15 at +135 with no protein bumps. PNW 11.5% is down 15 at +100, while Texas Gulf basis for 11% is up 5 at +140.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Tuesday was 55 cents under the MIAX Minneapolis July futures, unchanged from Monday'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 +125N; 14.5% proteins are steady at +140; 15% proteins are unchanged to up 10 at +150 to +210 and 16% proteins were not quoted. Wheat receipts on the exchange floor were 29 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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