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Weekly Basis 11/3/24

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


Dow Jones Industrial Average Index settled at 42,052, -62.21 points for the week.

Crude oil settled at $69.33, -2.36.

Dollar Index settled at 104.32, steady.

Baltic Dry Index (a shipping freight-cost index) settled at 1,378, -32 for the week.

 

Corn


December futures at $4.14½, -¾¢ for the week.


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

  • The US national average basis is -28Z, 2¢ firmer.

  • Dayton, Ohio Cargill’s spot basis is -10Z, 20¢ firmer, $4.05 cash price.

  • Iowa Falls Poet’s spot basis is even Z, 12¢ firmer, $4.14 cash price.


COT Report (Commitment of Traders, chart below)

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