Weekly Basis 5/5/24

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

The Dow Jones Industrial Average (DJIA) settled at 38,676, +436.02 points for the week.

Crude oil settled at $77.99, -5.67.

The Dollar Index settled at 105.08, -1.01.

The Baltic Dry Index (a shipping freight-cost index) settled at 1,876, +155 for the week.

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Corn

July futures at $4.60¼, +10¼¢ 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, 2¢ firmer.

• Dayton, Ohio Cargill’s spot basis is -10N, 5¢ firmer, $4.50 cash price.

• Iowa Falls Poet’s spot basis is 3N, 7¢ weaker, $4.63 cash price.

COT Report (Commitment of Traders, chart below)

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