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Weekly Basis 6/2/24

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

The Dow Jones Industrial Average (DJIA) settled at 38,686, -383.27 points for the week.

Crude oil settled at $77.18, -0.62.

The Dollar Index settled at 104.62, -0.13.

The Baltic Dry Index (a shipping freight-cost index) settled at 1,815, +18 for the week.



July futures at $4.46¼, -18½¢ 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 -21N, 1¢ firmer.

  • Dayton, Ohio Cargill’s spot basis is -12N, steady, $4.34 cash price.

  • Iowa Falls Poet’s spot basis is 12N, steady, $4.58 cash price.

COT Report (Commitment of Traders, chart below)

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