Midweek Cash Markets | March 26, 2024
CORN COMMENTS
The national average corn basis firmed 2 cents to 5 3/4 cents below May futures. The national average cash corn price dropped 4 1/2 cents to $4.26 3/4.
Basis is weaker than the three-year average of 7 cents above futures.
SOYBEAN COMMENTS
The national average soybean basis firmed 3/4 cent to 2 cents under May futures. The national average cash price dropped 9 3/4 cents to $11.97.
Basis is weaker than the three-year average of 9 cents above futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis held at 49 cents under May futures. The average cash price dropped 1 1/2 cents to $4.94 1/2. SRW basis is weaker than the three-year average of 41 1/2 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 3 1/4 cents to $5.24 3/4. HRW basis is weaker than the three-year average of 43 1/4 cents under futures.
CATTLE COMMENTS
Cash cattle trade averaged $189.56 last week, up $2.09 from the previous week and a record high. Heavy pressure on cattle futures to start the week is expected to pull cash cattle prices lower. Last year, the cash price was $168.74.
Choice boxed beef dropped $3.35 over the past week to $311.09. Last year at this time, Choice boxed beef prices were $280.29.
HOG COMMENTS
The average lean hog carcass price firmed 69 cents over the past week to $81.84. Last year’s lean carcass price on this date was $72.36.
The pork cutout value firmed $3.15 over the past week to $95.33. Last year at this time, the cutout price stood at $80.26.
