Midweek Cash Markets: SRW Wheat Basis Firms, HRW Basis Softens

Posted on 01/17/2018 4:13 PM

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CORN COMMENTS

The national average corn basis firmed 1 1/2 cents from last week to 3 cents below March futures. The national average cash corn price improved 5 1/2 cents to $3.50.

Basis is a little wider than the three-year average of nearly even with futures.

 

SOYBEAN COMMENTS

The national average soybean basis firmed 1 3/4 cents from last week to stand 17 1/4 cents below March futures. The national average cash price firmed 23 1/2 cents from last week to $9.51 1/2.

Basis is a softer than the three-year average of 10 cents below futures.

 

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis firmed 7 1/4 cents to stand 14 cents below March futures. The average cash price dropped 5 1/2 cents from week-ago to $4.07 1/2. SRW basis is firmer than the three-year average of 17 cents under futures.

The national average hard red winter (HRW) wheat basis softened 1 3/4 cents to stand 57 cents below March futures. The average cash price dropped 15 1/4 cents from last week to $3.70. HRW basis is in better than the three-year average of 68 cent.

 

CATTLE COMMENTS

Cash cattle trade averaged $119.92 last week, down $1.69 from the previous week. Cash trade is expected to be near-steady with last week, but has not yet started. Last year at this time, the cash price was $121.89.

Choice boxed beef prices dropped $4.76 from last week at $205.30. Last year at this time, Choice boxed beef prices were $193.22.

 

HOG COMMENTS

The average lean hog carcass bid improved $5.71 from last week at $72.99. Last year's lean carcass price on this date was $66.01.

Meanwhile, pork cutout values declined $5.71 from last week to $72.99. Last year at this time, the average cutout price stood at $78.37.

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