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Weekly Basis 10/6/24

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


Dow Jones Industrial Average Index settled at 42,353, +39.75 points for the week.

Crude oil settled at $74.45, +5.81.

Dollar Index settled at 102.49, +2.07.

Baltic Dry Index (a shipping freight-cost index) settled at 1,928, -182 for the week.

 

Corn


December futures at $4.24¾, +6¾¢ 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 -32Z, 1¢ weaker.

  • Dayton, Ohio Cargill’s spot basis is -50Z, 3¢ weaker, $3.75 cash price.

  • Iowa Falls Poet’s spot basis is -18Z, 18¢ weaker, $4.06 cash price.


COT Report (Commitment of Traders, chart below)

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