Tuesday Morning Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was steady at 29 cents under the September futures contract, while the DTN National Corn Index was down 12 at $4.23. The national average basis for soybeans was steady at 39 cents under the August futures, while the DTN National Soybean Index was down 40 cents at $11.70. The national average basis for hard red winter (HRW) wheat was steady at 57 cents under the September futures contract, while the DTN National Hard Red Winter Wheat Index down 16 cents at $6.72. The national average basis for hard red spring (HRS) wheat was 2 cents stronger at 46 cents under the MIAX Minneapolis September futures contract, and the DTN National Hard Red Spring Wheat Index was down 6 at $6.61.

CORN:

The national average corn basis for Monday was 29 cents under the September futures, Friday’s basis. PNW basis for FH Sep is steady at +123U and July CIF is 4 cents stronger at +100U. Track St. Louis for July is 7 cents weaker at +27U. Processors for July are steady with Cedar Rapids, Iowa, 2 cents stronger at -17U; Fort Dodge, Iowa, is steady at -30U; Council Bluffs, Iowa, is steady at -12U; Des Moines, Iowa, is steady at -19U; Decatur, Illinois, is steady at +10U; Mitchell, South Dakota, is steady at -50U; Blair, Nebraska, is 3 cents stronger  at -12U; Hastings, Nebraska, is steady at -29U; Lincoln, Nebraska, is steady at -25N; Garden City, Kansas, is steady at -20U; Columbus, Nebraska, is steady at -13U; St. Paul, Minnesota, is steady at -40U; and Marshall, Minnesota, is steady at -46U.

SOYBEAN:

The national average soybean basis for Monday was 39 cents under the August futures, unchanged from Friday’s basis. PNW basis for September is steady at +183X; CIF basis for July is 5 cents stronger at +122Q and track St. Louis for July is 3 cents stronger at +48Q. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is 5 cents weaker at +27Q; July St. Paul, Minnesota, is at -48Q and basis on the Illinois River at Havana, Illinois, is 1 cent stronger at +15Q. Processors for July are mixed with some basis now moving to X. Council Bluffs, Iowa, is steady at +20X; Des Moines, Iowa, is at steady at -5X; Cedar Rapids, Iowa, is steady at -5Q; Sioux City is at +20X; Decatur, Illinois, is at +20X; Volga, South Dakota, is steady at -15Q; Spiritwood, North Dakota, is steady at option the X; NDSP Casselton, North Dakota is steady at option the X; Hastings, Nebraska, is steady at -50X; Lincoln, Nebraska, is steady at +10X; Grand Island, Nebraska, is steady at -60X; Aberdeen, South Dakota, is at -70X; Mitchell, South Dakota, is steady at +5Q; and Mankato, Minnesota, is 10 cents weaker at -15X. BN secondary shuttle freight for returns is not bid or offered, LH July is not bid or offered, August is bid minus $100 under against offers of even money and October is bid plus $800 over against offers of plus $1400 over. UP secondary shuttle freight for returns is bid even money against no offers, LH July is bid even money against no offers and August is bid minus $100 under against no offers.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Monday was 57 cents under the September futures, unchanged Friday’s basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Monday was 57 cents under the Kansas City September futures, unchanged from Friday’s basis. Spot premiums are steady to weaker with ordinary protein steady at +100; 11% through 11.6% proteins are steady at +125; 11.8% through 12.0% proteins are steady at +130; 12.2% through 13.4% are at +125; 13.6% through 14% proteins are steady at +128. 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 steady at +130.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Monday was 46 cents under the MIAX Minneapolis September futures, 2 cents stronger than Friday’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 +120N; 13.5% proteins are up 25 to down 5 at +125; 14% proteins are unchanged at +150; 14.5% proteins are unchanged +130N; 15% proteins are unchanged at +300N and 16% proteins are not quoted. Wheat receipts on the exchange floor were 9 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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