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Weekly Basis 5/19/24

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


The Dow Jones Industrial Average (DJIA) settled at 40,004, +490.75 points for the week.

Crude oil settled at $80, +1.80.

The Dollar Index settled at 104.5, -0.81.

The Baltic Dry Index (a shipping freight-cost index) settled at 1,844, -285 for the week.

 

Corn


July futures at $4.52½, -17¼¢ for the week.


Basis (N = July; e.g. 10N means 10¢ over July futures) (Futures price + Basis = Cash price)

  • The US national average basis is -23N, 1¢ firmer.

  • Dayton, Ohio Cargill’s spot basis is -12N, 2¢ weaker, $4.41 cash price.

  • Iowa Falls Poet’s spot basis is 3N, steady, $4.55 cash price.


COT Report (Commitment of Traders, chart below)

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