Midweek Cash Markets | June 14, 2023

CORN COMMENTS

The national average corn basis fell 14 3/4 cents but remained 23 1/2 cents above July futures. The national average cash corn price dropped 11 1/4 cents to $6.31 1/4.

Basis is better than the three-year average of 17 1/4 cents above futures.

SOYBEAN COMMENTS

The national average soybean basis dropped 9 1/2 cents but remained 19 cents above July futures. The national average cash price firmed 18 cents to $14.07 1/4.

Basis is better than the three-year average of 10 1/4 cents above futures.

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis improved 7 cents to 27 cents under July futures. The average cash price firmed 20 1/2 cents to $6.03 1/4. SRW basis is weaker than the three-year average of 18 3/4 cents under futures.

The national average hard red winter (HRW) wheat basis fell 4 3/4 cents to 41 1/4 cents below July futures. The average cash price dropped 7 cents to $7.44 1/2. HRW basis is weaker than the three-year average of 29 1/4 cents under futures.

CATTLE COMMENTS

Cash cattle trade averaged $188.75 last week, up $6.72 from the previous week and a new record high. This week’s cash negotiations have been slow to develop, with cash sources split on the direction they expect prices to trend. Last year, the cash price was $143.67.

Choice boxed beef jumped another $13.87 over the past week to $339.06. Last year at this time, Choice boxed beef prices were $268.22.

HOG COMMENTS

The average lean hog carcass price firmed $3.92 over the past week to $83.38. Last year’s lean carcass price on this date was $108.76.

The pork cutout value firmed $4.53 over the past week to $89.68. Last year at this time, the cutout price stood at $105.79.