DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was steady at 27 cents under the September futures contract, while the DTN National Corn Index was up 21 cents at $4.30. The national average basis for soybeans was 1 cent stronger at 42 cents under the November futures, and the DTN National Soybean Index was up 15 cents at $11.41. The national average basis for hard red winter (HRW) wheat was 1 cent weaker at 58 cents under the September futures contract, while the DTN National Hard Red Winter Wheat Index was up 21 cents at $6.63. The national average basis for hard red spring (HRS) wheat was steady at 43 cents under the MIAX Minneapolis September futures contract, while the DTN National Hard Red Spring Wheat Index was up 14 cents at $6.30.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.30	$0.21	-$0.27	Sep	$0.007
Soybeans:	$11.41	$0.15	-$0.42	Nov	$0.008
SRW Wheat:	$5.91	$0.22	-$0.61	Sep	-$0.006
HRW Wheat:	$6.63	$0.21	-$0.58	Sep	-$0.003
HRS Wheat:	$6.30	$0.14	-$0.43	Sep	$0.001

CORN:

The national average corn basis for Wednesday was 27 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 +96U. Track St. Louis for August is 4 cents weaker at +18U. Processors for August are mixed with Cedar Rapids, Iowa, is 2 cents weaker at -12U; Fort Dodge, Iowa, is steady at -25U; Council Bluffs, Iowa, is steady at -12U; Des Moines, Iowa, is steady at -18U; Decatur, Illinois, is steady at +15U; Mitchell, South Dakota, is steady at -44U; Blair, Nebraska, is steady at -8U; Hastings, Nebraska, is steady at -20U; 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 steady at -50U; Blue Flint, North Dakota is 8 cents stronger at -60U; St. Paul, Minnesota, is steady at -60U; and Marshall, Minnesota, is unchanged at -40U.

SOYBEAN:

The national average soybean basis for Wednesday was 42 cents under the November futures, 1 cent stronger than Tuesday's basis. PNW basis for last period September is at +175X; CIF basis for August is steady at +102X and track St. Louis for August is steady at +20X. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 2 cents stronger at +20X; August St. Paul, Minnesota, is steady at -65X and basis on the Illinois River at Havana, Illinois, is 3 cents stronger at -9X. Processors for August are mixed with Council Bluffs, Iowa, steady at +40X; Des Moines, Iowa, is at steady at +5X; Cedar Rapids, Iowa, is steady at +5X; Sioux City is steady at +60X; Decatur, Illinois, is steady at +35X; Spiritwood, North Dakota, is 10 cents weaker steady at +10X; NDSP Casselton, North Dakota is 10 cents weaker at +10X; Hastings, Nebraska, is 20 cents stronger at option the X; Lincoln, Nebraska, is steady at +50X; Grand Island, Nebraska, is steady at -60X; Aberdeen, South Dakota, is 5 cents stronger at -40X; Mitchell, South Dakota, is 10 cents stronger at +50X; Volga, South Dakota, is 10 cents stronger at +20X, and Mankato, Minnesota, is 10 cents stronger at +15X. BN secondary shuttle freight for returns is bid plus $200 over against no offers, August is bid plus $200 over against no offers, FH September is bid plus $200 against offers of plus $400 over and O,N,D is bid plus $800 over against offers of plus $1,000 over. UP secondary shuttle freight for returns is bid even money against no offers, LH August is bid even money against offers of plus $300 over and O,N,D is bid plus $300 over against offers of plus $400 over.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Wednesday was 61 cents under the September futures, unchanged from Tuesday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Wednesday was 58 cents under the Kansas City September futures, 1 cent weaker than Tuesday's basis. Spot premiums are steady with ordinary protein steady at +100; 11% protein through 11.6% is down 10 at +105; 11.8% protein through 12.8% proteins are steady at +115; 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 steady at +100 with no protein bumps. PNW 11.5% is steady at +135, while Texas Gulf basis for 11% protein is steady at +135.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Wednesday was 43 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 unchanged at +125N; 13.5% proteins are at +130N; 14% proteins are down 5 to unchanged at +120 to +140; 14.5% proteins are unchanged +130N; 15% proteins are unchanged at +150N to +200 and 16% proteins are not quoted. Wheat receipts on the exchange floor were 29 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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