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Weekly Basis 04/01/2022

The Dow Jones Industrial Average settled at 34,818.27, down 42.97 points for the week.


Crude oil was at $99.47 late Friday, down $13.24 for the week.


The dollar index settled at 98.55, down 0.26 for the week.


Corn


July corn settled at $7.21¾, down 13 cents for the week.


Dayton, Ohio Cargill is paying $7.06 for corn, 15 cents under the July, steady with a week ago. Their fall delivery basis is steady at 30 under the December futures.


Poet at Iowa Falls is paying $7.32 for corn, 10 over the July futures, which is steady with a week ago. Their fall 2022 delivery basis is steady at 30 under the December futures.


The CFTC’s Commitment of Traders Report (COT) is issued every Friday afternoon. It reports open interest as of the close of business the previous Tuesday.


The big spec funds cut 43,364 contracts from their corn position to leave them net long 261,331 contracts of corn. The index funds added 10,792 contracts to their position to bring them net long 485,545 contracts of corn.


Corn open interest decreased by 87,254 contracts to 2,062,031 contracts.


Eastern Corn Belt ethanol crush margin is $2.15 today compared to $2.36 last week and $1.62 a year ago. The price of corn subtracted from the value of processed products = ethanol crush margin.

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