Midweek Cash Markets | July 5, 2023

CORN COMMENTS

The national average corn basis dropped 5 1/4 cents but remained 50 3/4 cents above September futures. The national average cash corn price fell 51 cents to $5.36.

Basis is a little better than the three-year average of 47 3/4 cents above futures.

SOYBEAN COMMENTS

The national average soybean basis fell 40 3/4 cents but remained 34 1/4 cents above August futures. The national average cash price firmed 67 cents to $15.03.

Basis is a little better than the three-year average of 29 1/4 cents above futures.

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis dropped 11 1/4 cents to 38 cents under September futures. The average cash price firmed 7 1/4 cents to $6.36 1/4. SRW basis is weaker than the three-year average of 21 1/4 cents under futures.

The national average hard red winter (HRW) wheat basis dropped 2 1/2 cents to 48 cents below September futures. The average cash price firmed 43 cents to $7.98 1/4. HRW basis is much weaker than the three-year average of 28 3/4 cents under futures.

CATTLE COMMENTS

Cash cattle trade averaged $181.33 last week, down $1.24 from the previous week. This week’s cash cattle opinions are split, with some expecting firmer prices and some anticipating lower trade. Last year, the cash price was $144.53.

Choice boxed beef fell another $5.12 over the past week to $322.78. Last year at this time, Choice boxed beef prices were $268.05.

HOG COMMENTS

The average lean hog carcass price firmed $2.13 over the past week to $92.23. Last year’s lean carcass price on this date was $110.31.

The pork cutout value surged $10.12 over the past week to $109.20. Last year at this time, the cutout price stood at $111.50.