DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was steady at 38 cents under the July futures contract, while the DTN National Corn Index was up 4 cents at $4.18. The national average basis for soybeans was 1 cent stronger at 62 cents under the July futures, while the DTN National Soybean Index was up 10 at $11.32. The national average basis for hard red winter (HRW) wheat was 1 cent stronger at 66 cents under the July futures contract, while the DTN National Hard Red Winter Wheat Index was 4 cents at $5.99. 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 down 3 cents at $6.25.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.18	$0.04	-$0.38	Jul	$0.005
Soybeans:	$11.32	$0.10	-$0.62	Jul	$0.004
SRW Wheat:	$5.68	-$0.01	-$0.56	Jul	-$0.027
HRW Wheat:	$5.99	-$0.04	-$0.66	Jul	$0.004
HRS Wheat:	$6.25	-$0.03	-$0.52	Jul	$0.003

CORN:

The national average corn basis for Thursday was 38 cents under the July futures, unchanged from Wednesday's basis. PNW basis for May is steady at +120N and CIF is steady at +74N. Track St. Louis is steady at +20N. Processors are mixed with Cedar Rapids, Iowa, 10 cents stronger at -10N; Fort Dodge, Iowa, is steady at -35N; Council Bluffs, Iowa, is steady at -8N; Des Moines, Iowa, is steady at -25N; Decatur, Illinois, is steady at +12N; Mitchell, South Dakota, is steady at -64N; Blair, Nebraska, is steady at -12N; Hastings, Nebraska, is steady at -45N; Lincoln, Nebraska, is at -35N; Garden City, Kansas, is at -50N; Columbus, Nebraska, is 6 cents stronger at -13N; St. Paul, Minnesota, is steady at -45N; and Marshall, Minnesota, is steady at -56N.

SOYBEAN:

The national average soybean basis for Thursday was 62 cents under the July futures, 1 cent stronger than Wednesday's basis. No PNW basis bid until October at +135X; CIF basis is 2 cents stronger at +80N and track St. Louis is 1 cent weaker at +22N. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 1 cent stronger at +9N; St. Paul, Minnesota, is steady at -48N and basis on the Illinois River at Havana, Illinois, is steady at -8N. Processors are steady with Council Bluffs, Iowa, steady at -25N; Des Moines, Iowa, is steady at -30N; Cedar Rapids, Iowa, is steady at -20N; Sioux City is steady at -15N; Decatur, Illinois, is steady at +25N; Volga, South Dakota, is steady at -40N; 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 -25N; Aberdeen, South Dakota, is steady at -70N; Mitchell, South Dakota, is steady at -20N; and Mankato, Minnesota, is steady at -25N. BN secondary shuttle freight for returns is bid plus $400 over against no offers and June is bid plus $400 over against of plus $600 over. UP secondary freight for returns is bid plus $50 over against offers of plus $150 and June 1-5 is bid plus $50 over against no offers.

SOFT RED WINTER WHEAT:

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

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Thursday was 66 cents under the Kansas City July futures, 1 cent stronger than Wednesday's basis. Spot premiums were unchanged with ordinary protein steady at +127; 11% through 11.2% is up 8 at +135; 11.4% through 11.8 is steady at +135; 12% through 12.4% is up 2 at +132; 12.6% through 12.8% is steady at +124; 13 through 14% is steady at +135. Gulf bid for spot 11% protein is up 5 at +115 with no protein bumps. PNW 11.5% is steady at +100, while Texas Gulf basis for 11% is up 5 at +145.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Thursday was 52 cents under the MIAX Minneapolis July futures, unchanged from Wednesday'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 at +140N; 14.5% proteins are +115 to +125; 15% proteins are down 35 to down 50 at +200 to +250 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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