DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was steady at 30 cents under the July futures contract, while the DTN National Corn Index was down 6 cents at $3.81. The national average basis for soybeans was 1 cent stronger at 50 cents under the July futures, while the DTN National Soybean Index was down 6 cents at $10.65. 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 down 11 cents at $5.79. The national average basis for hard red spring (HRS) wheat was steady at 41 cents under the MIAX Minneapolis July futures contract, while the DTN National Hard Red Spring Wheat Index was down 10 cents at $5.72.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$3.81	-$0.06	-$0.30	Jul	$0.001
Soybeans:	$10.65	-$0.06	-$0.50	Jul	$0.006
SRW Wheat:	$5.49	-$0.06	-$0.49	Jul	$0.019
HRW Wheat:	$5.79	-$0.11	-$0.55	Jul	-$0.003
HRS Wheat:	$5.72	-$0.10	-$0.41	Jul	$0.001

CORN:

The national average corn basis for Monday was 30 cents under the July futures, unchanged from Thursday's basis. PNW basis for June is steady at +125N and CIF is 7 cents weaker at +74N. Track St. Louis is steady at +26N. Processors are mixed with Cedar Rapids, Iowa, 3 cents stronger at -2N; Fort Dodge, Iowa, is 2 cents stronger at -21N; Council Bluffs, Iowa, is steady at option the N; Des Moines, Iowa, is 1 cent stronger at -17N; Decatur, Illinois, is steady at +15N; Mitchell, South Dakota, is steady at -55N; Blair, Nebraska, is steady at +3N; Hastings, Nebraska, is 3 cents stronger at -32N; 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 Monday was 50 cents under the July futures 1 cent stronger than Thursday's basis. PNW basis for LH September is 5 cents stronger at +150X and October is steady at +155X; CIF basis is 5 cents stronger at +79N and track St. Louis is 2 cents weaker at +25N. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 5 cents stronger at +20N; St. Paul, Minnesota, is steady at -48N and basis on the Illinois River at Havana, Illinois, is steady 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 steady the -10N; Sioux City is steady at +5N; Decatur, Illinois, is steady at +25N; Volga, South Dakota, is steady at -35N; 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 steady at +70N; Aberdeen, South Dakota, is steady at -70N; Mitchell, South Dakota, is steady at -20N; and Mankato, Minnesota, is steady at -5N. BN secondary shuttle freight for returns is not bid or offered, LH June is bid minus $50 under against no offers and July is bid minus $50 under against offers of even money. UP secondary freight for returns is not bid or offered, June is not bid or offered and July is not bid against offers of even money.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Monday was 49 cents under the July futures, 2 cents stronger than Thursday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Monday was 55 cents under the Kansas City July futures, unchanged from Thursday's basis. Spot premiums were steady with ordinary protein steady at +127; 11% through 11.2% is at +134; 11.4% through 11.8% is steady at +140; 12% through 12.4% is up 3 at +135; 12.6% through 12.8% is steady at +124; 13 through 13.6% is steady at +135; 13.8 through 14% is up 5 at +140. 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. USDA reported that as of June 21, the crop is rated at 26% good to excellent, down 1 point from last week and 46% poor to very poor. The worst condition is in Nebraska at 83% poor to very poor, followed by Colorado, Kansas, Oklahoma and Texas.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Monday was 41 cents under the MIAX Minneapolis July futures, unchanged from Thursday'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 at +130; 14% proteins are unchanged at +130N to +140N; 14.5% proteins are at +120; 15% proteins are down 15 to unchanged at +235 to +250 and 16% proteins were not quoted. Wheat receipts on the exchange floor were 48 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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