DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was steady at 28 cents under the July futures contract, while the DTN National Corn Index was up 8 cents at $3.87. The national average basis for soybeans was 2 cents stronger at 47 cents under the July futures, while the DTN National Soybean Index was up 20 cents at $10.80. The national average basis for hard red winter (HRW) wheat was 1 cent weaker at 55 cents under the July futures contract, while the DTN National Hard Red Winter Wheat Index was up 2 cents at $5.65. The national average basis for hard red spring (HRS) wheat was 1 cent weaker at 34 cents under the MIAX Minneapolis July futures contract, while the DTN National Hard Red Spring Wheat Index was up 3 cents at $5.53.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$3.87	$0.08	-$0.28	Jul	$0.005
Soybeans:	$10.80	$0.20	-$0.47	Jul	$0.015
SRW Wheat:	$5.40	$0.04	-$0.51	Jul	-$0.017
HRW Wheat:	$5.65	$0.02	-$0.55	Jul	-$0.008
HRS Wheat:	$5.53	$0.03	-$0.34	Jul	-$0.003

CORN:

The national average corn basis for Thursday was 28 cents under the July futures, unchanged from Wednesday's basis. PNW basis for June moved to U at +120U and CIF is 6 cents stronger at +81N. Track St. Louis is 1 cent stronger at +30N. 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 steady at +17N; Mitchell, South Dakota, is steady 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 Thursday was 47 cents under the July futures 2 cents stronger than Wednesday's basis. PNW basis for LH September is steady at +150X and October is steady at +155X; CIF basis is 4 cents stronger at +78N 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 steady 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 -28Q; Spiritwood, North Dakota, is at -5Q; 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 5 cents stronger option the Q. BN secondary shuttle freight for returns is not bid or offered, July is bid minus $50 under against offers of even money and August is bid minus $100 under against offers of even money. UP secondary freight for returns is not bid or offered, July is not bid against offers of even money and August is not bid against offers of even money.

SOFT RED WINTER WHEAT:

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

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Thursday was 55 cents under the Kansas City July futures, 1 cent weaker than Wednesday's basis. Spot premiums are mixed with ordinary protein steady at +100; 11% through 11.4% are steady at +128; 11.6 through 11.8% proteins are up 12 at +140; 12% through 12.4% proteins are steady at +138; 12.6% through 12.8% proteins are steady at +131; 13 through 13.6% proteins are steady at +138; 13.8 through 14% are steady 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 Thursday was 34 cents under the MIAX Minneapolis July futures, 1 cent weaker than Wednesday's basis. The MIAX Futures Exchange LLC floor trading summary of spot milling spring wheat cash premiums closed as follows, basis the SEPTEMBER MIAX spring wheat futures: 12% proteins are not quoted; 13% proteins are not quoted; 13.5% proteins are not quoted; 14% proteins are at +110; 14.5% proteins are not quoted; 15% proteins are +200B to +260 and 16% proteins were not quoted. Wheat receipts on the exchange floor were 23 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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