Weekly Basis 10/1/23

It's our weekly grain market prices and US grain basis analysis and outlook on October 1, 2023 for corn, soybeans and wheat.

The Dow Jones Industrial Average (DJIA) settled at 33507.5, -456.34 points for the week.

Crude oil settled at $90.77, +0.44.

The Dollar Index settled at 106.17, +0.59.

The Baltic Dry Index (a shipping freight-cost index) settled at 1701, +108 points for the week.

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Corn

December futures at $4.76¾, +½¢ for the week.

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

• The US national average basis is -27Z, 4¢ weaker..

• Dayton, Ohio Cargill’s spot basis is -15Z, 20¢ weaker, $4.62 cash price..

• Iowa Falls Poet’s spot basis is 0Z, steady, $4.76 cash price..

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