Weekly Basis 8/27/23

It's our weekly grain market prices and US grain basis analysis and outlook on August 27, 2023 for corn, soybeans and wheat.

The Dow Jones Industrial Average (DJIA) settled at 34,346.90, -153.76 points for the week.

Crude oil settled at $80.05, -1.35.

The Dollar Index settled at 104.19, +0.76.

The Baltic Dry Index (a shipping freight-cost index) settled at 1,080, -157 points for the week.

Corn

September futures at $4.70¾, -8¾¢ for the week.

December futures at $4.88, -5¢ 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 31U, 5¢ weaker.

Dayton, Ohio Cargill’s spot basis is 129U, 24¢ firmer, $6.00 cash price.

Iowa Falls Poet’s spot basis is 76U, 14¢ weaker, $5.46 cash price.

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