Midweek Cash Markets | January 11, 2023

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CORN COMMENTS

The national average corn basis firmed 1/4 cent to 10 cents above March futures. The national average cash corn price firmed 2 1/2 cents to $6.66.

Basis is better than the three-year average of 3 3/4 cents over futures.

SOYBEAN COMMENTS

The national average soybean basis dropped 2 1/2 cents but remained 14 3/4 cents above March futures. The national average cash price firmed 7 cents to $15.07 3/4.

Basis is much better than the three-year average of 1 1/2 cent under futures.

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis dropped firmed 4 3/4 cents to 27 3/4 cents under March futures. The average cash price slipped 3/4 cent to $7.13. SRW basis is much weaker than the three-year average of 8 3/4 cents under futures.

The national average hard red winter (HRW) wheat basis firmed 1/4 cent to 38 1/2 cents below March futures. The average cash price fell 18 1/4 cents to $7.83 3/4. HRW basis is weaker than the three-year average of 28 1/2 cents under futures.

CATTLE COMMENTS

Cash cattle trade averaged $157.74 last week, down 7 cents from the previous week. Cash cattle are expected to trade about steady again this week. Last year, the cash price was $136.61.

Choice boxed beef dropped $2.16 over the past week to $280.73. Last year at this time, Choice boxed beef prices were $279.93.

HOG COMMENTS

The average lean hog carcass price dropped $2.86 over the past week to $75.20. Last year’s lean carcass price on this date was $75.91.

The pork cutout value dropped $5.15 over the past week to $80.68. Last year at this time, the cutout price stood at $84.46.