Midweek Cash Markets | March 9, 2022

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CORN COMMENTS

The national average corn basis dropped 21 3/4 cents to 20 cents below May futures. The national average cash corn price dropped 13 3/4 cents to $7.13.

Basis is a much weaker than the three-year average of 2 3/4 cents above futures.

SOYBEAN COMMENTS

The national average soybean basis dropped 11 cents over the past week to 10 1/2 cents below May futures. The national average cash price dropped 2 1/4 cents on the week to $16.61 1/4.

Basis is about in line with the three-year average of 9 1/4 cents under futures.

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis plunged $1.38 1/2 to $1.58 1/2 under May futures. The average cash price firmed 4 cents to $10.43. SRW basis is much weaker than the three-year average of 7 cents under futures.

The national average hard red winter (HRW) wheat basis plunged 72 3/4 cents to 99 1/2 cents below May futures. The average cash price dropped 33 1/2 cents to $10.15. HRW basis is much weaker than the three-year average of 27 1/4 cents under futures.

CATTLE COMMENTS

Cash cattle trade averaged $140.61 last week, down $2.61 from the previous week. This week’s cash trade has taken place at prices mostly around $2 lower than last week. Last year at this time, the cash price was $113.62.

Choice boxed beef prices dropped another $3.02 over the past week to $252.70. Last year, Choice boxed beef prices were $227.29.

HOG COMMENTS

The average lean hog carcass price slipped 58 cents over the past week to $99.26. Last year’s lean carcass price on this date was $86.76.

The pork cutout value dropped 68 cents over the past week to $107.74. Last year at this time, the cutout price stood at $95.89.