Midweek Cash Markets | July 12, 2023
CORN COMMENTS
The national average corn basis firmed 3 1/2 cents to 54 1/4 cents above September futures. The national average cash corn price dropped a nickel to $5.31.
Basis is a little weaker than the three-year average of 60 3/4 cents above futures.
SOYBEAN COMMENTS
The national average soybean basis fell 18 3/4 cents but remained 15 1/2 cents above August futures. The national average cash price dropped 43 1/4 cents to $14.59 3/4.
Basis is weaker than the three-year average of 23 3/4 cents above futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis held at 38 cents under September futures. The average cash price dropped 41 1/2 cents to $5.94 3/4. SRW basis is much weaker than the three-year average of 20 cents under futures.
The national average hard red winter (HRW) wheat basis firmed a penny to 47 cents below September futures. The average cash price dropped 42 1/4 cents to $7.56. HRW basis is much weaker than the three-year average of 29 cents under futures.
CATTLE COMMENTS
Cash cattle trade averaged $182.06 last week, up 73 cents from the previous week. This week’s cash cattle trade remains in limbo after Tuesday’s sharp losses in futures, though most cash sources still expect steady/mildly firmer prices. Last year, the cash price was $142.12.
Choice boxed beef fell another $11.80 over the past week to $310.98. Last year at this time, Choice boxed beef prices were $268.05.
HOG COMMENTS
The average lean hog carcass price firmed $4.15 over the past week to $96.38. Last year’s lean carcass price on this date was $114.08.
The pork cutout value firmed another $1.46 over the past week to $110.66. Last year at this time, the cutout price stood at $118.28.
