DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was 1 cent stronger at 30 cents under the July futures contract, while the DTN National Corn Index was up 8 cents at $3.91. The national average basis for soybeans was 1 cent stronger at 51 cents under the July futures, while the DTN National Soybean Index was up 3 cents at $10.81. The national average basis for hard red winter (HRW) wheat was steady at 55 cents under the July futures contract, while the DTN National Hard Red Winter Wheat Index was up 19 at $5.97. The national average basis for hard red spring (HRS) wheat was 1 cent weaker at 42 cents under the MIAX Minneapolis July futures contract, while the DTN National Hard Red Spring Wheat Index was up 13 cents at $5.84.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$3.91	$0.08	-$0.30	Jul	$0.008
Soybeans:	$10.81	$0.03	-$0.51	Jul	$0.009
SRW Wheat:	$5.62	$0.15	-$0.51	Jul	-$0.013
HRW Wheat:	$5.97	$0.19	-$0.55	Jul	$0.003
HRS Wheat:	$5.84	$0.13	-$0.42	Jul	-$0.001

CORN:

The national average corn basis for Wednesday was 30 cents under the July futures, 1 cent stronger than Tuesday's basis. PNW basis for June is 5 cents weaker at +125N and CIF is steady at +81N. Track St. Louis is steady at +25N. Processors are mixed with Cedar Rapids, Iowa, steady at -5N; Fort Dodge, Iowa, is steady at -23N; Council Bluffs, Iowa, is steady at option the N; Des Moines, Iowa, is steady at -18N; Decatur, Illinois, is steady at +15N; Mitchell, South Dakota, is steady at -55N; Blair, Nebraska, is steady at +3N; Hastings, Nebraska, is steady at -35N; Lincoln, Nebraska, is 5 cents stronger at -25N; Garden City, Kansas, is at -50N; Columbus, Nebraska, is steady at -7N; St. Paul, Minnesota, is steady at -45N; and Marshall, Minnesota, is steady at -40N.

SOYBEAN:

The national average soybean basis for Wednesday was 51 cents under the July futures 1 cent stronger than Tuesday's basis. PNW basis for LH September is at +145X and October is 5 cents stronger at +155X; CIF basis is steady at +74N and track St. Louis is 2 cents stronger at +27N. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is steady at +15N; St. Paul, Minnesota, is steady at -48N and basis on the Illinois River at Havana, Illinois, is 3 cents stronger at -3N. Processors are steady with Council Bluffs, Iowa, steady at -5N; Des Moines, Iowa, is steady at option the N; Cedar Rapids, Iowa, is 10 cents weaker the -10N; Sioux City is steady at +5N; Decatur, Illinois, is steady at +25N; Volga, South Dakota, is steady at -40N; Spiritwood, North Dakota, is steady at -20N; NDSP Casselton, North Dakota is steady at -20N; Hastings, Nebraska, is steady at -63N; Lincoln, Nebraska, is steady option the N; Grand Island, Nebraska, is 3 cents stronger at +75N; Aberdeen, South Dakota, is steady at -70N; Mitchell, South Dakota, is steady at -20N; and Mankato, Minnesota, is 5 cents stronger at -5N. BN secondary shuttle freight for returns is not bid or offered, LH June is bid even money against offers of plus $150 over and July is bid even money against offers of $200 over. UP secondary freight for returns is not bid or offered, June is not bid against offers of plus $50 over and July is not bid against offers of even money.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Wednesday was 51 cents under the July futures, 1 cent weaker than Tuesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Wednesday was 55 cents under the Kansas City July futures, unchanged from Tuesday's basis. Spot premiums were mixed with ordinary protein steady at +127; 11% through 11.2% is at +134; 11.4% through 11.8% is up 2 at +140; 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 steady at +110 with no protein bumps. PNW 11.5% is steady at +115, while Texas Gulf basis for 11% is steady at +145. SRW harvest problems continue for the wet areas in Illinois, Ohio and Indiana. Also talk of quality problems in Missouri and Kentucky.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Wednesday was 42 cents under the MIAX Minneapolis July futures, 1 cent weaker 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 unchanged at +160N; 14% proteins are up 5 to down 10 at +145 to +150; 14.5% proteins are not quoted; 15% proteins are up 10 at +250 and 16% proteins were not quoted. Wheat receipts on the exchange floor were 21 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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