Midweek Cash Markets | March 16, 2022
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CORN COMMENTS
The national average corn basis dropped 2 1/4 cents to 22 1/4 cents below May futures. The national average cash corn price dropped 5 1/4 cents to $7.07 3/4.
Basis is a much weaker than the three-year average of 2 1/4 cents above futures.
SOYBEAN COMMENTS
The national average soybean basis dropped 4 1/4 cents over the past week to 14 3/4 cents below May futures. The national average cash price dropped 26 3/4 cents on the week to $16.34 1/2.
Basis is weaker than the three-year average of 7 3/4 cents under futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis firmed 62 cents to 96 1/2 cents under May futures. The average cash price fell 70 1/4 cents to $9.72 3/4. SRW basis is much weaker than the three-year average of 7 3/4 cents under futures.
The national average hard red winter (HRW) wheat basis firmed 15 3/4 cents to 83 3/4 cents below May futures. The average cash price dropped 26 1/4 cents to $9.88 3/4. HRW basis is much weaker than the three-year average of 25 cents under futures.
CATTLE COMMENTS
Cash cattle trade averaged $138.30 last week, down $2.31 from the previous week. This week’s cash trade has been slow to get started but cash sources expect prices to be slightly higher. Last year at this time, the cash price was $114.23.
Choice boxed beef prices firmed $5.38 over the past week to $258.08. Last year, Choice boxed beef prices were $228.47.
HOG COMMENTS
The average lean hog carcass price firmed $1.15 over the past week to $100.41. Last year’s lean carcass price on this date was $90.56.
The pork cutout value dropped $2.72 over the past week to $105.02. Last year at this time, the cutout price stood at $99.78.
