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Weekly Basis 3/3/24

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


The Dow Jones Industrial Average (DJIA) settled at 39,087, -44.15 points for the week.

Crude oil settled at $79.81, +3.24.

The Dollar Index settled at 103.89, -0.07.

The Baltic Dry Index (a shipping freight-cost index) settled at 2,203, +337 for the week.

 

Corn


May futures at $4.24¾, +11¼¢ for the week.


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

  • The US national average basis is -30K, 3¢ firmer.

  • Dayton, Ohio Cargill’s spot basis is -15K, 4¢ firmer, $4.1 cash price.

  • Iowa Falls Poet’s spot basis is even K, 14¢ firmer, $4.25 cash price.


COT Report (Commitment of Traders)

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