Midweek Cash Markets | March 23, 2022

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CORN COMMENTS

The national average corn basis firmed 5 1/4 cents to 17 cents below May futures. The national average cash corn price firmed 33 cents to $7.40 3/4.

Basis is a much weaker than the three-year average of 1 3/4 cents above futures.

SOYBEAN COMMENTS

The national average soybean basis firmed 8 cents over the past week to 6 3/4 cents below May futures. The national average cash price firmed 77 1/2 cents on the week to $17.12.

Basis is basically in line with the three-year average of 7 cents under futures.

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis firmed 20 3/4 cents to 75 3/4 cents under May futures. The average cash price firmed 57 1/4 cents to $10.30. SRW basis is much weaker than the three-year average of 8 cents under futures.

The national average hard red winter (HRW) wheat basis firmed 12 1/2 cents to 71 1/4 cents below May futures. The average cash price firmed 51 1/2 cents to $10.40 1/4. HRW basis is much weaker than the three-year average of 24 3/4 cents under futures.

CATTLE COMMENTS

Cash cattle trade averaged $139.10 last week, up 80 cents from the previous week. This week’s cash trade started earlier than anticipated, with prices generally in the $137 to $138 range. Last year at this time, the cash price was $115.59.

Choice boxed beef prices firmed $3.53 over the past week to $261.61. Last year, Choice boxed beef prices were $234.84.

HOG COMMENTS

The average lean hog carcass price firmed 80 cents over the past week to $101.21. Last year’s lean carcass price on this date was $93.85.

The pork cutout value firmed $1.38 over the past week to $106.40. Last year at this time, the cutout price stood at $109.30.