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Weekly Basis 6/9/24

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

The Dow Jones Industrial Average (DJIA) settled at 38,799, +112.67 points for the week.

Crude oil settled at $75.38, -1.80.

The Dollar Index settled at 104.94, +0.32.

The Baltic Dry Index (a shipping freight-cost index) settled at 1,881, +66 for the week.



July futures at $4.48¾, +2½¢ 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 -18N, 3¢ firmer.

  • Dayton, Ohio Cargill’s spot basis is -10N, 2¢ firmer, $4.39 cash price.

  • Iowa Falls Poet’s spot basis is 17N, 5¢ firmer, $4.65 cash price.

COT Report (Commitment of Traders, chart below)

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