DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was steady at 34 cents under the July futures contract, while the DTN National Corn Index was up 2 cents at $3.85. The national average basis for soybeans was 1 cent stronger at 57 cents under the July futures, while the DTN National Soybean Index was down 5 cents at $10.59. The national average basis for hard red winter (HRW) wheat was steady at 59 cents under the July futures contract, while the DTN National Hard Red Winter Wheat Index was up 9 cents at $5.71. The national average basis for hard red spring (HRS) wheat was unchanged at 44 cents under the MIAX Minneapolis July futures contract, while the DTN National Hard Red Spring Wheat Index unchanged at $5.76.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$3.85	$0.02	-$0.34	Jul	$0.003
Soybeans:	$10.59	-$0.05	-$0.57	Jul	$0.007
SRW Wheat:	$5.35	$0.03	-$0.48	Jul	-$0.003
HRW Wheat:	$5.71	$0.09	-$0.59	Jul	$0.000
HRS Wheat:	$5.76	$0.00	-$0.44	Jul	-$0.002

CORN:

The national average corn basis for Monday was 34 cents under the July futures, unchanged from Friday's basis. PNW basis for May is steady at +120N and CIF is steady at +77N. Track St. Louis is steady at +26N. Processors are mixed with Cedar Rapids, Iowa, steady at -10N; Fort Dodge, Iowa, is steady at -29N; Council Bluffs, Iowa, is 1 cent stronger at -5N; Des Moines, Iowa, is 2 cents stronger at -18N; Decatur, Illinois, is steady at +15N; Mitchell, South Dakota, is 5 cents stronger at -61N; Blair, Nebraska, is 2 cents stronger at -8N; Hastings, Nebraska, is steady at -40N; Lincoln, Nebraska, is steady at -30N; Garden City, Kansas, is at -50N; Columbus, Nebraska, is steady at -10N; St. Paul, Minnesota, is steady at -45N; and Marshall, Minnesota, is 3 cents stronger at -42N.

SOYBEAN:

The national average soybean basis for Monday was 57 cents under the July futures, 1 cent stronger than Friday's basis. PNW basis for October is steady at +145X; CIF basis is steady at +85N and track St. Louis is steady at +29N. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is steady at +17N; St. Paul, Minnesota, is steady at -48N and basis on the Illinois River at Havana, Illinois, is 4 cents weaker at -6N. Processors are mixed with Council Bluffs, Iowa, steady at -15N; Des Moines, Iowa, is 5 cents stronger at -20N; Cedar Rapids, Iowa, is steady at option the N; Sioux City is 45 cents stronger at +35N; Decatur, Illinois, is steady at +25N; Volga, South Dakota, is steady at -40N; Spiritwood, North Dakota, is steady at -25N; NDSP Casselton, North Dakota is steady at -30N; Hastings, Nebraska, is steady at -80N; Lincoln, Nebraska, is steady option the N; Aberdeen, South Dakota, is steady at -70N; Mitchell, South Dakota, is steady at -20N; and Mankato, Minnesota, is steady at -15N. BN secondary shuttle freight for returns is bid plus $350 over against no offers, FH June is bid plus $350 over against no offers and LH June is bid plus $250 over against offers of plus $500 over. UP secondary freight for returns is bid minus $100 (Mexico option) under against no offers, FH June is not bid or offered and LH June is bid minus $100 under against offers of even money.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Monday was 48 cents under the July futures, unchanged from Friday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Monday was 59 cents under the Kansas City July futures, unchanged from Friday's basis. Spot premiums were unchanged with ordinary protein steady at +127; 11% through 11.4% is steady at +135; 11.6 through 12.2% is steady at +140; 12.4% is 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 +130 with no protein bumps. PNW 11.5% is steady at +115, while Texas Gulf basis for 11% is steady at +135. USDA reported Monday that winter wheat rating as of June 7 good to excellent at 25%, down 1% from last week, and poor to very poor is at 46%. USDA noted 92% of the winter wheat is headed out and 11% harvested with Oklahoma at 44%, Texas at 35%, and Kansas is 5% done. Spring wheat G/E rating is at 52% and up 5% versus last week.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Monday was 44 cents under the MIAX Minneapolis July futures, unchanged from Friday'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 unchanged at +130N; 14% proteins are up 20 at +160B; 14.5% proteins are unchanged at +120; 15% proteins are up to 10 unchanged at +200* and 16% proteins were not quoted. Wheat receipts on the exchange floor were 28 cars, which includes one 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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