DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was steady at 28 cents under the September futures contract, while the DTN National Corn Index was down 6 cents at $4.09. The national average basis for soybeans was 3 cents weaker at 46 cents under the November futures, while the DTN National Soybean Index was down 6 cents at $11.29. The national average basis for hard red winter (HRW) wheat was 1 cent weaker at 57 cents under the September futures contract, while the DTN National Hard Red Winter Wheat Index was down 6 cents at $6.57. 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 1 cent at $6.40.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.09	-$0.06	-$0.28	Sep	-$0.001
Soybeans:	$11.29	-$0.06	-$0.46	Nov	-$0.027
SRW Wheat:	$5.82	$0.03	-$0.60	Sep	-$0.007
HRW Wheat:	$6.57	$0.06	-$0.57	Sep	-$0.003
HRS Wheat:	$6.40	-$0.01	-$0.44	Sep	$0.002

CORN:

The national average corn basis for Wednesday was 28 cents under the September futures, unchanged from Tuesday's basis. PNW basis for LH August is at +115U; LH Sep basis is steady at +122U and August CIF is steady at +102U. Track St. Louis for August is steady at +22U. Processors for August are mixed with Cedar Rapids, Iowa, 3 cents weaker at -13U; Fort Dodge, Iowa, is 4 cents stronger at -25U; 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; Tharaldson Ethanol Casselton, North Dakota is 5 cents stronger at +50U; St. Paul, Minnesota, is steady at -50U; and Marshall, Minnesota, is steady at -42U.

SOYBEAN:

The national average soybean basis for Wednesday was 46 cents under the November futures, 3 cents weaker than Tuesday's basis. PNW basis for September is steady at +183X; CIF basis for August is at +103X and track St. Louis for August is steady 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 2 cents weaker at -12X. 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 5 cents stronger at +60X; Decatur, Illinois, is 15 cents stronger at +35X; Spiritwood, North Dakota, is 5 cents stronger at +25X; NDSP Casselton, North Dakota is steady 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 steady at -50X; Mitchell, South Dakota, is steady at +20X; Volga, South Dakota, is steady at -15X, and Mankato, Minnesota, is steady at +5X. BN secondary shuttle freight for returns is bid plus $100 over against offers of plus $250 over, FH August is bid plus $100 over against no offers and O,N,D is bid plus $700 over against offers of plus $1,000 over. UP secondary shuttle freight for returns is bid plus $100 over against offers of plus $300 over (Mexico option), August is bid even money (Mexico option) against no offers and October is bid plus $400 over against no offers.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Wednesday was 60 cents under the September futures, unchanged from Tuesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Wednesday was 57 cents under the Kansas City September futures, 1 cent weaker than Tuesday's basis. Spot premiums are mostly steady with ordinary protein steady at +100; 11% protein is down 10 at +110; 11.2% protein is steady at +120; 11.4% proteins through 11.6% proteins are steady at +120; 11.8% through 12.0% proteins are steady at +120; 12.2% through 12.8% proteins are steady at +120; 13% through 13.4% proteins are unchanged at +111;13.6% protein is steady at +120; 13.8% protein is steady at +125; 14% protein is steady 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 up 5 at +135.Reports surfaced that Algeria purchased 720,000 metric tons of milling wheat for LH Sept-Oct.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Wednesday was 44 cents under the MIAX Minneapolis September futures, unchanged from Tuesday'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 at +125; 13.5% proteins are unchanged at +125N; 14% proteins are unchanged at +135N to +145N; 14.5% proteins are not quoted; 15% proteins are unchanged to up 10 at +235 to +245 and 16% proteins are not quoted. Wheat receipts on the exchange floor were 28 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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