DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was 1 cent stronger at 31 cents under the July futures contract, while the DTN National Corn Index was up 3 cents at $3.84. The national average basis for soybeans was steady at 53 cents under the July futures, while the DTN National Soybean Index was up 6 cents at $10.66. The national average basis for hard red winter (HRW) wheat was 1 cent stronger at 55 cents under the July futures contract, while the DTN National Hard Red Winter Wheat Index was up 7 at $5.85. The national average basis for hard red spring (HRS) wheat was 1 cent stronger at 41 cents under the MIAX Minneapolis July futures contract, while the DTN National Hard Red Spring Wheat Index was down 2 cents at $5.75.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$3.84	$0.03	-$0.31	Jul	$0.006
Soybeans:	$10.66	$0.06	-$0.53	Jul	$0.006
SRW Wheat:	$5.40	$0.04	-$0.50	Jul	-$0.017
HRW Wheat:	$5.85	$0.07	-$0.55	Jul	$0.010
HRS Wheat:	$5.75	-$0.02	-$0.41	Jul	$0.002

CORN:

The national average corn basis for Monday was 31 cents under the July futures, 1 cent stronger than Friday's basis. PNW basis for June is steady at +125N to +130N and CIF is steady at +76N. Track St. Louis is 2 cents stronger at +25N. Processors are mixed with Cedar Rapids, Iowa, 3 cents weaker at -5N; Fort Dodge, Iowa, is steady at -23N; Council Bluffs, Iowa, is 3 cents stronger at +3N; Des Moines, Iowa, is steady at -18N; Decatur, Illinois, is 3 cents stronger at +18N; Mitchell, South Dakota, is 2 cents stronger at -57N; Blair, Nebraska, is 3 cents stronger at +3N; Hastings, Nebraska, is steady at -35N; Lincoln, Nebraska, is steady at -30N; Garden City, Kansas, is at -50N; Columbus, Nebraska, is 3 cents stronger at -7N; St. Paul, Minnesota, is 5 cents weaker at -45N; and Marshall, Minnesota, is 2 cents stronger at -40N.

SOYBEAN:

The national average soybean basis for Monday was 53 cents under the July futures, unchanged from Friday's basis. PNW basis for October is firm at +145X to +150X; CIF basis is 1 cent stronger at +73N and track St. Louis is steady at +23N. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is steady at +13N; St. Paul, Minnesota, is steady at -48N and basis on the Illinois River at Havana, Illinois, is steady at -6N. Processors are mixed with Council Bluffs, Iowa, steady at -5N; Des Moines, Iowa, is 10 cents stronger at option the N; Cedar Rapids, Iowa, is steady at option the N; Sioux City is steady at +5N; Decatur, Illinois, is steady at +25N; Volga, South Dakota, is steady at -40N; Spiritwood, North Dakota, is 5 cents stronger at -20N; NDSP Casselton, North Dakota is 5 cents stronger at -20N; Hastings, Nebraska, is steady at -63N; 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 -10N. BN secondary shuttle freight for returns is not bid or offered, LH June is bid even money against offers of plus $350 over and July is bid even money against offers of $200 over. UP secondary freight for returns is bid even money Mexico option against no offers and LH June is not bid against offers of plus $100 over.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Monday was 50 cents under the July futures, 2 cents weaker than Friday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Monday was 55 cents under the Kansas City July futures, 1 cent stronger than Friday's basis. Spot premiums were mixed with ordinary protein steady at +127; 11% through 11.2% is at +134; 11.4% is up 4 at +138; 11.6 through 11.8% is up 4 at +138; 12% through 12.4% is at +132; 12.6% through 12.8% is steady at +124; 13 through 14% is steady at +135. Gulf track bid for spot 11% protein is down 20 at +110 with no protein bumps. PNW 11.5% is steady at +115, while Texas Gulf basis for 11% is steady at +135. USDA in their crop progress report noted winter wheat conditions improved, up +2% to 27% good to excellent through June 14, while soft white wheat showed a drop in conditions in Oregon. Harvest progress is at 25% and well above average as drought wheat thanks to faster than normal development. HRW harvest in Texas is 75% done, Oklahoma is 73%, Kansas is 28%. SRW harvest in Arkansas is 60% done, Missouri is 29% and Illinois is 20%.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Monday was 41 cents under the MIAX Minneapolis July futures, 1 cent stronger than 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 to +140N; 14% proteins are unchanged at +130N; 14.5% proteins are unchanged at +145N; 15% proteins are up 5 to unchanged to +230 and 16% proteins were not quoted. Wheat receipts on the exchange floor were 6 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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