Weekly Basis 4/28/24

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

The Dow Jones Industrial Average (DJIA) settled at 38,240, +253.26 points for the week.

Crude oil settled at $83.66, +0.42.

The Dollar Index settled at 106.09, -0.03.

The Baltic Dry Index (a shipping freight-cost index) settled at 1,721, -198 for the week.

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Corn

May futures at $4.40, +6½¢ 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 -15K, 2¢ firmer.

• Dayton, Ohio Cargill’s spot basis is -5K, steady, $4.35 cash price.

• Iowa Falls Poet’s spot basis is 20K, 5¢ weaker, $4.60 cash price.

COT Report (Commitment of Traders, chart below)

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