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The DTN National Corn Index for Monday indicated a national average basis of 37 cents under the Chicago September futures contract, 1 cent stronger than Friday's basis. The corn market closed lower Monday after beneficial rains finally were seen in Iowa where dry weather has begun to take a toll on the crop. Adding pressure was a poor export inspection report with inspections for the week ending Aug. 17 below what the trade had expected. Forecasts for more rain across the Corn Belt will likely keep a lid on the market. Ethanol plant basis was stronger with central Iowa up 1 cent, southwest Iowa up 5 cents and east central Iowa up 3 cents as farmers continue to hang on to their old crop. The CIF Gulf basis was 4 cents stronger.SOYBEANS:
The DTN National Soybean Index for Monday indicated a national average basis of 62 cents under the Chicago November futures contract, unchanged from Friday's basis. Good rains in the eastern portion of the Corn Belt put pressure on soybeans, but good export inspections kept the market from falling lower. Inspections were above what the trade had expected and cumulative inspections are ahead of what the USDA has forecasted for this crop year. Processors stepped up to the plate again, pushing basis levels to entice some cash bean movement. Southern Minnesota basis was 8 to 12 cents stronger, northwest Iowa was 22 cents stronger, east central South Dakota was 5 cents stronger and southeast South Dakota was 2 cents stronger. Basis will likely remain strong until we see new-crop beans, but prices will have to move higher to get farmers to sell right now.SOFT RED WINTER WHEAT:
The DTN National Soft Red Winter Wheat Index for Monday indicated a national average basis of 29 cents under the Chicago September futures, 1 cent weaker than Friday's basis.HARD RED WINTER WHEAT:
The DTN National Hard Red Winter Wheat Index for Monday indicated a national average basis of 67 cents under the Kansas City September futures contract, unchanged from Friday's basis. The cash price moved lower again, but basis remains firm as exporters continue to show a liking to the lower protein. With the loss in the cash price the past week, the U.S. remains competitive to play in the export game. Mills are still showing their love for 12 protein and higher with spot 12% to 12.2% up 5 cents. As we move closer to fall planting, current prices are going to give some growers second thoughts about planting more acres than last year.HARD RED SPRING WHEAT:
The DTN National Hard Red Spring Wheat Index for Monday indicated a national average basis of 41 cents under the Minneapolis September futures contract, 1 cent stronger than Friday's basis. The Minneapolis spot HRS wheat cash market closed as follows, basis the Minneapolis September futures contract for #1 milling quality: 12% proteins were not quoted; 13% proteins were not quoted; 13.5% proteins were nominally unchanged at +70N; 14% proteins were down 10 cents to up 5 cents at +75* to +90; 14.5% proteins were nominally unchanged at +95N to +105N and 15% proteins were unchanged at +120. Receipts were 62 cars, which included two trains*. (Bid=B Ask=A) Wheat on the MGEX floor is traded delivered Chicago/beyond.
Mary Kennedy can be reached at firstname.lastname@example.org
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