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Weekly Basis 9/8/24

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


Dow Jones Industrial Average Index settled at 40,345, -1,217.67 points for the week.

Crude oil settled at $68.16, -5.49.

Dollar Index settled at 101.19, -0.54.

Baltic Dry Index (a shipping freight-cost index) settled at 1,941, +127 for the week.

 

Corn


December futures at $4.06¼, +5¼¢ for the week.


Basis (Z = Dec; e.g. 10Z means 10¢ over December futures) (Futures price + Basis = Cash price)

  • The US national average basis is -31Z, 3¢ firmer.

  • Dayton, Ohio Cargill’s spot basis is -45Z, steady, $3.61 cash price.

  • Iowa Falls Poet’s spot basis is 20Z, 12¢ firmer, $4.26 cash price.


COT Report (Commitment of Traders, chart below)

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