Friday Morning Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was steady at 32 cents under the July futures contract, while the DTN National Corn Index was down 7 cents at $3.79. The national average basis for soybeans was 1 cent stronger at 53 cents under the July futures, while the DTN National Soybean Index was down 7 cents at $10.62. The national average basis for hard red winter (HRW) wheat was steady at 57 cents under the July futures contract, while the DTN National Hard Red Winter Wheat Index was up 5 cents at $5.78. The national average basis for hard red spring (HRS) wheat was steady at 42 cents under the MIAX Minneapolis July futures contract, while the DTN National Hard Red Spring Wheat Index was up 2 cents at $5.77.

CORN:

The national average corn basis for Thursday was 32 cents under the July futures, unchanged from Wednesday’s basis. PNW basis for June is steady at +125N and CIF is steady at +77N. Track St. Louis is steady at +26N. Processors are mixed with Cedar Rapids, Iowa, up 8 cents at -2N; Fort Dodge, Iowa, is 2 cents stronger at -23N; Council Bluffs, Iowa, is 3 cents stronger at option the N; Des Moines, Iowa, is steady at -18N; Decatur, Illinois, is steady at +15N; Mitchell, South Dakota, is steady at -59N; Blair, Nebraska, is 5 cents stronger at option the N; Hastings, Nebraska, is steady at -35N; Lincoln, Nebraska, is steady at -30N; Garden City, Kansas, is at -50N; Columbus, Nebraska, is steady at -10N; St. Paul, Minnesota, is steady at -45N; and Marshall, Minnesota, is steady at -42N.

SOYBEAN:

The national average soybean basis for Thursday was 53 cents under the July futures, 1 cent stronger than Wednesday’s basis. PNW basis for October is steady at +145X; CIF basis is 8 cents weaker at +72N and track St. Louis is 3 cents weaker at +20N. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is steady at +16N; St. Paul, Minnesota, is steady at -48N and basis on the Illinois River at Havana, Illinois, is 3 cents weaker at -6N. Processors are mixed with Council Bluffs, Iowa, steady at -5N; Des Moines, Iowa, is 10 cents stronger at -10N; Cedar Rapids, Iowa, is steady at option the N; Sioux City is 30 cents weaker at +5N; Decatur, Illinois, is steady at +25N; Volga, South Dakota, is steady at -40N; Spiritwood, North Dakota, is steady at -25N; NDSP Casselton, North Dakota is steady at -30N; Hastings, Nebraska, is steady at -73N; Lincoln, Nebraska, is steady option the N; Aberdeen, South Dakota, is steady  at -70N; Mitchell, South Dakota, is steady at -20N; and Mankato, Minnesota, is steady at -10N. BN secondary shuttle freight for returns is not bid or offered, LH June is bid even money against offers of plus $450 over and July is bid plus $100 over against offers of $300 over. UP secondary freight for returns is bid even money against offers of plus $100, MP June is bid minus $100 against no offers and LH June is bid minus $100 under against offers of plus $100 over.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Thursday was 48 cents under the July futures, 2 cents stronger than Wednesday’s basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Thursday was 57 cents under the Kansas City July futures, unchanged from Wednesday’s basis. Spot premiums were mixed with ordinary protein steady at +127; 11% through 11.4% is down 1 at +134; 11.6 through 12.2% is steady at +132; 12.4% is at +132; 12.6% through 12.8% is steady at +124; 13 through 14% is steady at +135. Gulf bid for spot 11% protein is steady at +130 with no protein bumps. PNW 11.5% is steady at +115, while Texas Gulf basis for 11% is steady at +135.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Thursday was 42 cents under the MIAX Minneapolis July futures, unchanged from Wednesday’s basis. The MIAX Futures Exchange LLC floor trading summary of spot milling spring wheat cash premiums closed as follows, basis the July MIAX spring wheat futures: 12% proteins are not quoted; 13% proteins are unchanged at +120; 13.5% proteins are unchanged at +150; 14% proteins are unchanged at +145; 14.5% proteins are at +145; 15% proteins are up 10 to up 5 at +210B to +225 and 16% proteins were not quoted. Wheat receipts on the exchange floor were 48 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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