Weekly Basis 4/14/24

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

The Dow Jones Industrial Average (DJIA) settled at 37,983, -920.80 points for the week.

Crude oil settled at $85.45, -1.28.

The Dollar Index settled at 106.01, +1.72.

The Baltic Dry Index (a shipping freight-cost index) settled at 1,729, +101 for the week.

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Corn

May futures at $4.35½, +1¼¢ 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 -19K, 2¢ firmer.

• Dayton, Ohio Cargill’s spot basis is -5K, steady, $4.31 cash price.

• Iowa Falls Poet’s spot basis is 20K, 5¢ firmer, $4.55 cash price.

COT Report (Commitment of Traders, chart below)

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