DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was 1 cent weaker at 40 cents under the July futures contract, while the DTN National Corn Index was down 10 cents at $4.26. The national average basis for soybeans was steady at 65 cents under the July futures, while the DTN National Soybean Index was down 10 cents at $11.35. 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 down 5 at $6.40. The national average basis for hard red spring (HRS) wheat was 1 cent stronger at 54 cents under the MIAX Minneapolis July futures contract, while the DTN National Hard Red Spring Wheat Index was down 1 cent at $6.41.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.26	-$0.10	-$0.40	Jul	-$0.001
Soybeans:	$11.35	-$0.10	-$0.65	Jul	$0.002
SRW Wheat:	$6.04	-$0.06	-$0.56	Jul	$0.005
HRW Wheat:	$6.31	-$0.05	-$0.68	Jul	$0.004
HRS Wheat:	$6.41	-$0.01	-$0.54	Jul	$0.008

CORN:

The national average corn basis for Wednesday was 40 cents under the July futures, 1 cent weaker than Tuesday's basis. PNW basis for May is steady at +123N and CIF is steady at +80N. Track St. Louis is steady at +25N. Processors are mixed with Cedar Rapids, Iowa, 4 cents weaker at -21N; Fort Dodge, Iowa, is 2 cents stronger at -35N; 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 steady at -15N; Hastings, Nebraska, is steady at -45N; Lincoln, Nebraska, is at -35N; Garden City, Kansas, is at -50N; Columbus, Nebraska, is steady at -20N; St. Paul, Minnesota, is steady at -45N; and Marshall, Minnesota, is 2 cents weaker at -56N.

SOYBEAN:

The national average soybean basis for Wednesday was 65 cents under the July futures, unchanged from Tuesday's basis. No PNW basis bid until October at +135X; CIF basis is 1 cents stronger at +79N and track St. Louis is steady at +23N. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is steady at +6N; St. Paul, Minnesota, is steady 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 steady at -15N; Decatur, Illinois, is steady at +25N; Volga, South Dakota, is steady at -25N; Spiritwood, North Dakota, is steady at -30N; NDSP Casselton, North Dakota is 5 cents stronger at -35N; 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 bid plus $500 over against offers of plus $900 over, LH May is bid plus $500 over against no offers 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 Wednesday was 56 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 68 cents under the Kansas City July futures, unchanged from Tuesday's basis. Spot premiums were mixed with ordinary protein up 2 at +127; 11% through 11.2% is steady at +127; 11.4% through 12.2% is steady at +135; 12.4% is steady at +130; 12.6% was down 3 at +127; 12.8% is down 8 at +127; 13 through 14% is steady at +135. Gulf bid for spot 11% protein is steady at +135 with no protein bumps. PNW 11.5% is steady at +100, while Texas Gulf basis for 11% is steady at +140.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Wednesday was 54 cents under the MIAX Minneapolis July futures, 1 cent stronger than 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 not quoted; 14% proteins are unchanged to up 15 at +125 +140; 14.5% proteins are steady at +140; 15% proteins are up 10 to up 50 at +160 to +225 and 16% proteins were not quoted. Wheat receipts on the exchange floor were 22 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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