Midweek Cash Markets | March 20, 2024
CORN COMMENTS
The national average corn basis held at 7 3/4 cents below May futures. The national average cash corn price dropped 2 1/4 cents to $4.31 1/4.
Basis is weaker than the three-year average of 3 1/4 cents above futures.
SOYBEAN COMMENTS
The national average soybean basis slipped a penny to 2 3/4 cents under May futures. The national average cash price firmed 11 3/4 cents to $12.06 3/4.
Basis is weaker than the three-year average of 7 1/2 cents above futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis firmed 1 1/3 cents to 49 cents under May futures. The average cash price firmed 2 1/4 cents to $4.96. SRW basis is slightly weaker than the three-year average of 47 1/4 cents under futures.
The national average hard red winter (HRW) wheat basis held at 52 1/2 cents below May futures. The average cash price dropped 7 cents to $5.28. HRW basis is slightly weaker than the three-year average of 46 3/4 cents under futures.
CATTLE COMMENTS
Cash cattle trade averaged $187.47 last week, up $2.35 from the previous week. Cash cattle are expected to trade higher again this week, though active trade may not be seen until Friday. Last year, the cash price was $164.41.
Choice boxed beef firmed $4.62 over the past week to $314.44. Last year at this time, Choice boxed beef prices were $281.30.
HOG COMMENTS
The average lean hog carcass price firmed $1.14 over the past week to $81.15. Last year’s lean carcass price on this date was $74.22.
The pork cutout value firmed 34 cents over the past week to $92.18. Last year at this time, the cutout price stood at $79.86.
