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Weekly Basis 6/25/23

The Dow Jones Industrial Average (DJIA) settled at 33,727.43, -571.69 points for the week.

Crude oil settled at $69.50, -1.94.

The Dollar Index settled at 102.87, +0.57.

The Baltic Dry Index (a shipping freight-cost index) settled at 1,240, +164 points for the week.


Below is corn, soybeans and wheat basis outlook this week.

 

Corn


September futures at $5.84¾, -9¼¢ for the week.

December futures at $5.88, -9½¢ for the week.


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

The US national average basis is 47U, 16¢ weaker.

Dayton, Ohio Cargill’s spot basis is 60U, 16¢ weaker, $6.45 cash price.

Iowa Falls Poet’s spot basis is 75U, 15¢ weaker, $6.60 cash price.


COT Report (Commitment of Traders)

The CFTC’s Commitment of Traders Report (COT) is issued every Friday afternoon. It reports open interest as of the close of business the previous Tuesday. Open Interest is the number of contracts on the books. You can find our explanation of Open Interest and Funds trades here: www.wrightonthemarket.com/post/open-interest-of-specs

Big Spec Funds change is +56,151 to -7,631 net short.

Index Funds change is +27,057 to 345,525 net long.

Open Interest change is +101,014 to 1,876,435.


Crush Margin

Corn Ethanol Crush Margin was $2.55, $2.59 a week ago and $2.16 a year ago.

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