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Weekly Basis 11/12/23

It's our weekly grain market prices and US grain basis analysis and outlook on November 12, 2023 for corn, soybeans and wheat.


The Dow Jones Industrial Average (DJIA) settled at 34283.1, +221.78 points for the week.

Crude oil settled at $77.35, -3.54.

The Dollar Index settled at 105.8, +0.73.

The Baltic Dry Index (a shipping freight-cost index) settled at 1643, +181 points for the week.

 

Corn


December futures at $4.64, -13¼¢ 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 -24Z, 1¢ firmer.

  • Dayton, Ohio Cargill’s spot basis is -33Z, 8¢ weaker, $4.31 cash price.

  • Iowa Falls Poet’s spot basis is 15Z, 8¢ firmer, $4.79 cash price.


Crush Margin

Corn Ethanol Crush Margin was $2.90, $3.84 a week ago and $2.79 a year ago.

The price of corn subtracted from the value of processed products = ethanol crush margin.

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