DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was 1 cent stronger at 28 cents under the July futures contract, while the DTN National Corn Index was down 2 cents at $3.79. The national average basis for soybeans was 1 steady at 49 cents under the July futures, while the DTN National Soybean Index was down 8 cents at $10.60. The national average basis for hard red winter (HRW) wheat was 1 cent stronger at 54 cents under the July futures contract, while the DTN National Hard Red Winter Wheat Index was down 1 cent at $5.63. The national average basis for hard red spring (HRS) wheat was 7 cents stronger at 33 cents under the MIAX Minneapolis July futures contract, while the DTN National Hard Red Spring Wheat Index was up 2 cents at $5.51.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$3.79	-$0.02	-$0.28	Jul	$0.012
Soybeans:	$10.60	-$0.08	-$0.49	Jul	$0.005
SRW Wheat:	$5.36	-$0.01	-$0.50	Jul	$0.001
HRW Wheat:	$5.63	-$0.01	-$0.54	Jul	$0.005
HRS Wheat:	$5.51	$0.02	-$0.33	Jul	$0.062

CORN:

The national average corn basis for Wednesday was 28 cents under the July futures, 1 cent stronger than Tuesday's basis. PNW basis for June is steady at +130N and CIF is steady at +75N. Track St. Louis is 6 cents stronger at +29N. Processors are steady with Cedar Rapids, Iowa, steady at -2N; Fort Dodge, Iowa, is steady at -21N; Council Bluffs, Iowa, is steady at option the N; Des Moines, Iowa, is steady at -17N; Decatur, Illinois, is 2 cents stronger at +17N; Mitchell, South Dakota, is 4 cents stronger at -51N; Blair, Nebraska, is steady at option the N; Hastings, Nebraska, is steady at -32N; Lincoln, Nebraska, is steady 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 -35N.

SOYBEAN:

The national average soybean basis for Wednesday was 49 cents under the July futures unchanged from Tuesday's basis. PNW basis for LH September is steady at +150X and October is steady at +155X; CIF basis is 2 cents stronger at +81N and track St. Louis is steady at +25N. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 5 cents stronger at +25N; St. Paul, Minnesota, is steady at -48N and basis on the Illinois River at Havana, Illinois, is 1 cent stronger at -1N. Processors are mixed with bids starting to move to Q. Council Bluffs, Iowa, is at -5Q; Des Moines, Iowa, is 5 cents weaker at -5N; Cedar Rapids, Iowa, is steady at option the N; Sioux City is steady at +5N; Decatur, Illinois, is steady at +35N; Volga, South Dakota, is steady at -35N; Spiritwood, North Dakota, is at -10Q; NDSP Casselton, North Dakota is at -15Q; Hastings, Nebraska, is at -63Q; Lincoln, Nebraska, is at +10Q; Grand Island, Nebraska, is steady at +70N; Aberdeen, South Dakota, is at -70Q; Mitchell, South Dakota, is steady at -20N; and Mankato, Minnesota, is at -5Q. BN secondary shuttle freight for returns is not bid or offered, June is not bid or offered and July is bid minus $100 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 Wednesday was 50 cents under the July futures, unchanged from Tuesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Wednesday was 54 cents under the Kansas City July futures, 1 cent stronger than Tuesday's basis. Spot premiums moved to the September futures. Ordinary protein is down 10 at +100; 11% through 11.8% proteins are at +128; 12% through 12.4% proteins are up 5 at +138; 12.6% through 12.8% proteins are at +131; 13 through 13.6% proteins are at +138; 13.8 through 14% are at +133. 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.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Wednesday was 33 cents under the MIAX Minneapolis July futures, 7 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 +130; 13.5% proteins are up 10 at +140N; 14% proteins are unchanged to up 20 at +130 to +150; 14.5% proteins are up 85 at +205; 15% proteins are unchanged to up 50 at +220 to +300 and 16% proteins were not quoted. Wheat receipts on the exchange floor were 30 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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