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 September futures contract, while the DTN National Corn Index was down 6 cents at $4.14. The national average basis for soybeans was 2 cents stronger at 43 cents under the November futures, while the DTN National Soybean Index was down 12 cents at $11.35. The national average basis for hard red winter (HRW) wheat was 2 cents weaker at 56 cents under the September futures contract, while the DTN National Hard Red Winter Wheat Index was down 13 cents at $6.51. The national average basis for hard red spring (HRS) wheat was steady at 44 cents under the MIAX Minneapolis September futures contract, and the DTN National Hard Red Spring Wheat Index was down 11 cents at $6.40.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.14	-$0.06	-$0.28	Sep	$0.009
Soybeans:	$11.35	-$0.12	-$0.43	Nov	$0.022
SRW Wheat:	$5.79	-$0.14	-$0.60	Sep	-$0.012
HRW Wheat:	$6.51	-$0.13	-$0.56	Sep	-$0.023
HRS Wheat:	$6.40	-$0.11	-$0.44	Sep	-$0.003

CORN:

The national average corn basis for Tuesday was 28 cents under the September futures, 1 cent stronger than Monday's basis. PNW basis for LH August is at +115U; LH Sep basis is steady at +122U and August CIF is 4 cents weaker at +102U. Track St. Louis for August is steady at +22U. Processors for August are steady with Cedar Rapids, Iowa, steady at -10U; Fort Dodge, Iowa, is steady at -29U; Council Bluffs, Iowa, is steady at -12U; Des Moines, Iowa, is steady at -18U; Decatur, Illinois, is at +13U; Mitchell, South Dakota, is 2 cents stronger at -46U; Blair, Nebraska, is steady at -8U; Hastings, Nebraska, is steady at -20; Lincoln, Nebraska, is steady at -25N; Garden City, Kansas, is steady at -20U; Columbus, Nebraska, is steady at -8U; St. Paul, Minnesota, is steady at -50U; and Marshall, Minnesota, is steady at -42U.

SOYBEAN:

The national average soybean basis for Tuesday was 43 cents under the November futures, 2 cents stronger than Monday's basis. PNW basis for September is 3 cents stronger at +183X; CIF basis for August is at +103X and track St. Louis for August is 10 cents weaker at +20X. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is steady at +15Q; August St. Paul, Minnesota, is at -60X and basis on the Illinois River at Havana, Illinois, is 15 cents weaker at -10X. Processors for August are mixed with Council Bluffs, Iowa, steady at +30X; Des Moines, Iowa, is at steady at -5X; Cedar Rapids, Iowa, is steady at +5X; Sioux City is 15 cents stronger at +55X; Decatur, Illinois, is 15 cents stronger at +35X; Spiritwood, North Dakota, is 5 cents stronger at +20X; NDSP Casselton, North Dakota is 5 cents stronger at +20X; Hastings, Nebraska, is steady at -50X; Lincoln, Nebraska, is steady at +20X; Grand Island, Nebraska, is steady at -60X; Aberdeen, South Dakota, is 20 cents stronger at -50X; Mitchell, South Dakota, is steady at +20X; Volga, South Dakota, is 15 cents weaker at -15X, and Mankato, Minnesota, is 15 cents stronger at +5X. BN secondary shuttle freight for returns is bid plus $100 over against no offers, FH August is bid minus $50 under against no offers and October is bid plus $800 over against no offers. UP secondary shuttle freight for returns is not bid or offered, August is bid even money (Mexico option) against no offers and October is bid plus $300 over against no offers.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Tuesday was 60 cents under the September futures, 2 cents weaker than Monday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Tuesday was 56 cents under the Kansas City September futures, 2 cents weaker than Monday's basis. Spot premiums are steady to higher after falling this week. Ordinary protein steady at +100; 11% through 11.2% proteins are steady at +120; 11.4% proteins through 11.6% proteins are down 5 at +120; 11.8% through 12.0% proteins are down 10 at +120; 12.2% through 12.8% proteins are down 5 at +120; 13% through 13.4% proteins are unchanged at +111;13.6% protein is up 5 at +120; 13.8% protein is up 10 at +125; 14% protein is up 5 at +125. Gulf track bid for spot 11% protein is up 10 at +100 with no protein bumps. PNW 11.5% is steady at +135, while Texas Gulf basis for 11% protein is steady at +130. South Korean flour millers bought a HRW/HRS combo of 50,000 metric tons of US wheat.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Tuesday was 44 cents under the MIAX Minneapolis September futures, unchanged from Monday'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 up 5 at +125; 14% proteins are up 5 to up 15 at +135 to +145; 14.5% proteins are unchanged at +245N; 15% proteins are down 15 at +235 and 16% proteins are not quoted. Wheat receipts on the exchange floor were 20 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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