DTN Daily Basis Comments

DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was steady at 16 cents under the September futures contract while the DTN National Corn Index was down 6 cents at $3.65. The national average basis for soybeans was 2 cents weaker at 57 cents under the November futures contract, while the DTN National Soybean Index was down 6 cents at $9.34. The national average basis for hard red winter (HRW) wheat was 1 cent weaker at 53 cents under the September futures contract, while the DTN National Hard Red Winter Wheat Index was down 13 cents at $4.52. The national average basis for hard red spring (HRS) wheat was unchanged at 43 cents under the MIAX Minneapolis September futures contract, while the DTN National Hard Red Spring Wheat Index was down 3 cents at $5.27.

CORN:            

The national average corn basis for Tuesday was 16 cents under the September futures, unchanged from Monday’s basis. PNW basis is steady at +135U and Hereford, Texas, is steady at +105U. CIF basis is steady at +80U and track St. Louis is steady at +18U. Processors are mixed with Cedar Rapids, Iowa, is steady at +2U; Fort Dodge, Iowa, is steady at -11U; Council Bluffs, Iowa, is steady at option the U; Decatur, Illinois, is steady at +16U; Mitchell, South Dakota, is 3 cents weaker at -27U; Blair, Nebraska, is steady at option the U; Hastings, Nebraska, is steady at 10U; Lincoln, Nebraska, is steady at -10U; Garden City, Kansas, is steady at +15U; Columbus, Nebraska, is steady at +10U; and Marshall, Minnesota, is steady at -5U.

SOYBEAN:

The national average soybean basis for Tuesday was 57 cents under the November futures, 2 cents weaker than Monday’s basis. PNW basis for October is not quoted. August CIF basis is at +57X and track St. Louis is at +5X. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 2 cents weaker at -2X; St. Paul, Minnesota, is steady at -68X and basis on the Illinois River at Havana, Illinois, is 12 cents weaker at -30X. Processors are mixed with Council Bluffs, Iowa, steady at -20X; Cedar Rapids, Iowa, is steady at -30X; Sioux City is steady at -10X; Decatur, Illinois, is steady at +10X; Volga, South Dakota, is steady at -40X; Spiritwood, North Dakota, is 2 cents weaker at -65X; Hastings, Nebraska, is steady at -68X; Lincoln, Nebraska, is steady at -30X; Aberdeen, South Dakota, is steady at -65X; Mitchell, South Dakota, is 3 cents weaker at -47Q; and Mankato, Minnesota, is steady at -60X. BN secondary shuttle freight for returns is not bid or offered, FH August is bid minus $175 under against offers of -$100 and LH August is bid minus $175 under against offers of minus $100 under. UP secondary freight for returns is bid minus $150 under against no offers and FH August is bid minus $200 under against offers of minus $100 under.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Tuesday was 57 cents under the September futures, 1 cent weaker than Monday’s basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Tuesday was at 53 cents under the Kansas City September futures, 1 cent weaker than Monday’s basis. Spot premiums were steady with ordinary protein through 11.6% steady at +65; 11.8% was steady at +65; 12% through 12.2% through 12.6% is steady at +75; 12.8% was steady at +90; 13% is steady at +95; 13.2% through 13.8% is steady at +105 and 14% was steady at +177. Gulf bid for spot 11% protein was up 5 at +95 with no protein bumps. June PNW 11.5% was steady at +120, while the June Texas Gulf basis for 11% down 15 at +95. South Korea was reported to have purchased 65,000 mt of U.S. feed wheat.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Tuesday was at 43 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 were not quoted; 13% proteins are not quoted; 13.5 proteins were up 50 to up 10 at +100; 14 proteins were up 25 to up 10 at +140; 14.5% proteins were not quoted; 15% proteins were down 60 at +200, and 16% proteins were not quoted. Wheat receipts on the exchange floor were 66 cars, which includes 2 train(s). Bid (B), Ask (A), Nominal (N). Minneapolis Daily Spot Grain Prices are Delivered Chicago/Beyond freight