Midweek Cash Markets | June 7, 2023

CORN COMMENTS

The national average corn basis fell 2 1/2 cents but remained 38 1/4 cents above July futures. The national average cash corn price firmed 7 3/4 cents to $6.42 1/2.

Basis is much better than the three-year average of 16 1/2 cents above futures.

SOYBEAN COMMENTS

The national average soybean basis firmed 1 3/4 cents to 28 1/2 cents above July futures. The national average cash price firmed 62 3/4 cents to $13.89 1/4.

Basis is better than the three-year average of 15 3/4 cents above futures.

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis improved 3 cents to 34 cents under July futures. The average cash price firmed 25 1/2 cents to $5.82 3/4. SRW basis is much weaker than the three-year average of 17 1/2 cents under futures.

The national average hard red winter (HRW) wheat basis fell 2 1/4 cents to 36 1/2 cents below July futures. The average cash price dropped 5 3/4 cents to $7.51 1/2. HRW basis is weaker than the three-year average of 30 1/4 cents under futures.

CATTLE COMMENTS

Cash cattle trade averaged $182.03 last week, up $4.06 from the previous week and a new record high. Cash cattle have traded $4 to $10 higher so far this week. Last year, the cash price was $140.14.

Choice boxed beef jumped another $19.35 over the past week to $325.19. Last year at this time, Choice boxed beef prices were $271.74.

HOG COMMENTS

The average lean hog carcass price firmed $1.98 over the past week to $79.46. Last year’s lean carcass price on this date was $106.46.

The pork cutout value slipped 12 cents over the past week to $85.15. Last year at this time, the cutout price stood at $104.47.