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Weekly Basis 7/23/23

The Dow Jones Industrial Average (DJIA) settled at 35,227.69, +718.66 points for the week.

Crude oil settled at $76.83, +1.56.

The Dollar Index settled at 101.08, +1.12.

The Baltic Dry Index (a shipping freight-cost index) settled at 978, -112 points for the week.


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

 

Corn


September futures at $5.27, +20½¢ for the week.

December futures at $5.36¼, +22½¢ for the week.


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

The US national average basis is 43U, 1¢ weaker.

Dayton, Ohio Cargill’s spot basis is 95U, 5¢ weaker, $6.22 cash price.

Iowa Falls Poet’s spot basis is 85U, 15¢ weaker, $6.12 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

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