Midweek Cash Markets | March 13, 2024
CORN COMMENTS
The national average corn basis dropped a penny to 7 3/4 cents below May futures. The national average cash corn price firmed 11 1/2 cents to $4.33 1/2.
Basis is weaker than the three-year average of 3/4 cent above futures.
SOYBEAN COMMENTS
The national average soybean basis slipped 3/4 cent to 1 3/4 cents under May futures. The national average cash price firmed 47 3/4 cents to $11.95.
Basis is weaker than the three-year average of 4 1/4 cents above futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis dropped 3 1/4 cents to 50 1/2 cents under May futures. The average cash price firmed a dime to $4.93 3/4. SRW basis is slightly better than the three-year average of 54 1/2 cents under futures.
The national average hard red winter (HRW) wheat basis inched up 1/2 cent to 52 1/2 cents below May futures. The average cash price firmed 31 1/2 cents to $5.35. HRW basis is slightly weaker than the three-year average of 50 3/4 cents under futures.
CATTLE COMMENTS
Cash cattle trade averaged $185.12 last week, up $1.82 from the previous week. This week’s cash cattle negotiations have been slow to start but steady/firmer prices are expected. Last year, the cash price was $164.17.
Choice boxed beef firmed $4.91 over the past week to $309.82. Last year at this time, Choice boxed beef prices were $284.27.
HOG COMMENTS
The average lean hog carcass price firmed 80 cents over the past week to $80.01. Last year’s lean carcass price on this date was $76.98.
The pork cutout value firmed 35 cents over the past week to $91.84. Last year at this time, the cutout price stood at $86.38.
