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Weekly Basis 7/28/24

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


The Dow Jones Industrial Average (DJIA) settled at 40,589, +301.81 points for the week.

Crude oil settled at $76.44, -3.81.

The Dollar Index settled at 104.33, -0.03.

The Baltic Dry Index (a shipping freight-cost index) settled at 1,808, -94 for the week.

 

Corn


September futures at $3.94½, +4¢ for the week.


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

  • The US national average basis is -8U, 1¢ weaker.

  • Dayton, Ohio Cargill’s spot basis is -15U, steady, $3.80 cash price.

  • Iowa Falls Poet’s spot basis is 30U, 5¢ weaker, $4.24 cash price.


COT Report (Commitment of Traders, chart below)

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