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Weekly Basis 1/28/24

It's our weekly US grain market prices analysis and outlook for corn, soybeans and wheat.


The Dow Jones Industrial Average (DJIA) settled at 38109.43, +245.63 points for the week.

Crude oil settled at $78.23, +4.52.

The Dollar Index settled at 103.47, +0.23.

The Baltic Dry Index (a shipping freight-cost index) settled at 1518, +15 for the week.

 

Corn


March futures at $4.46¼, +¾¢ for the week.


Basis (H = March; e.g. 10H means 10¢ over March futures) (Futures price + Basis = Cash price)

  • The US national average basis is -23H, 1¢ firmer.

  • Dayton, Ohio Cargill’s spot basis is -5H, 5¢ firmer, $4.41 cash price.

  • Iowa Falls Poet’s spot basis is 7H, 3¢ weaker, $4.53 cash price.


COT Report (Commitment of Traders)

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