Weekly Basis 11/12/23
- Wright team
- Nov 12, 2023
- 2 min read
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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