DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was 1 cent stronger at 32 cents under the July futures contract, while the DTN National Corn Index was unchanged at $3.87. The national average basis for soybeans was 1 cent stronger at 54 cents under the July futures, while the DTN National Soybean Index was up 11 cents at $10.69. The national average basis for hard red winter (HRW) wheat was 1 cent stronger at 57 cents under the July futures contract, while the DTN National Hard Red Winter Wheat Index was up 1 cent at $5.73. The national average basis for hard red spring (HRS) wheat was 2 cents stronger at 42 cents under the MIAX Minneapolis July futures contract, while the DTN National Hard Red Spring Wheat Index was up 2 cents at $5.76.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$3.87	$0.00	-$0.32	Jul	$0.009
Soybeans:	$10.69	$0.11	-$0.54	Jul	$0.014
SRW Wheat:	$5.37	$0.02	-$0.50	Jul	$0.001
HRW Wheat:	$5.73	$0.01	-$0.57	Jul	$0.009
HRS Wheat:	$5.76	$0.02	-$0.42	Jul	$0.015

CORN:

The national average corn basis for Wednesday was 33 cents under the July futures, 1 cent stronger than Tuesday's basis. PNW basis for May is steady at +125N 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 4 cents stronger at -25N; Council Bluffs, Iowa, is 2 cents stronger at -3N; Des Moines, Iowa, is steady at -18N; Decatur, Illinois, is steady at +15N; Mitchell, South Dakota, is steady at -59N; Blair, Nebraska, is 3 cents stronger at -5N; Hastings, Nebraska, is steady at -35N; 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 steady at -42N.

SOYBEAN:

The national average soybean basis for Wednesday was 54 cents under the July futures, 1 cent stronger than Tuesday's basis. PNW basis for October is steady at +145X; CIF basis is steady at +85N and track St. Louis is 6 cents weaker at +23N. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is steady at +16N; St. Paul, Minnesota, is steady at -48N and basis on the Illinois River at Havana, Illinois, is steady at -3N. Processors are mixed with Council Bluffs, Iowa, steady at -5N; Des Moines, Iowa, is 5 cents stronger at -20N; Cedar Rapids, Iowa, is steady at option the N; Sioux City is steady 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 -73N; 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 5 cents stronger at -10N. BN secondary shuttle freight for returns is not bid or offered, LH June is bid even money against offers of plus $450 over and July is bid plus $100 over against offers of $300 over. UP secondary freight for returns is bid even money against offers of plus $100, MP June is bid minus $100 against no offers and LH June is bid minus $100 under against offers of plus $100 over.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Wednesday was 50 cents under the July futures, 1 cent stronger Tuesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Wednesday was 57 cents under the Kansas City July futures, 1 cent stronger Tuesday'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 +132; 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 steady at +130 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 Wednesday was 42 cents under the MIAX Minneapolis July futures, 2 cents 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 are at +120; 13.5% proteins are at +150; 14% proteins are up 5 at +145; 14.5% proteins not quoted; 15% proteins are unchanged to up 20 at +200 to +220 and 16% proteins were not quoted. Wheat receipts on the exchange floor were 19 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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