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Weekly Basis 5/26/24

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


The Dow Jones Industrial Average (DJIA) settled at 39,070, -934 points for the week.

Crude oil settled at $77.8, -2.20.

The Dollar Index settled at 104.75, +0.25.

The Baltic Dry Index (a shipping freight-cost index) settled at 1,797, -47 for the week.

 

Corn


July futures at $4.64¾, +12¼¢ 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 -22N, 1¢ firmer.

  • Dayton, Ohio Cargill’s spot basis is -12N, steady, $4.53 cash price.

  • Iowa Falls Poet’s spot basis is 12N, 9¢ firmer, $4.77 cash price.


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