Weekly Basis 4/7/24

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

The Dow Jones Industrial Average (DJIA) settled at 38,904, -903.33 points for the week.

Crude oil settled at $86.73, +3.62.

The Dollar Index settled at 104.29, -0.20.

The Baltic Dry Index (a shipping freight-cost index) settled at 1,628, -193 for the week.

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Corn

May futures at $4.34¼, -7¾¢ 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 -21K, 3¢ firmer.

• Dayton, Ohio Cargill’s spot basis is -5K, 10¢ firmer, $4.29 cash price.

• Iowa Falls Poet’s spot basis is 15K, 7¢ firmer, $4.49 cash price.

COT Report (Commitment of Traders, chart below)

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