Midweek Cash Markets | August 9, 2023

CORN COMMENTS

The national average corn basis firmed 2 3/4 cents to 48 cents above September futures. The national average cash corn price dropped 4 1/2 cents to $5.29.

Basis is a little better than the three-year average of 46 3/4 cents above futures.

SOYBEAN COMMENTS

The national average soybean basis firmed 3 1/2 cents to 59 cents above November futures. The national average cash price dropped 9 1/4 cents to $13.67 1/2.

Basis is a little weaker than the three-year average of 60 3/4 cents above futures.

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis dropped a penny to 59 3/4 cents under September futures. The average cash price dropped 6 cents to $5.75 1/4. SRW basis is much weaker than the three-year average of 21 cents under futures.

The national average hard red winter (HRW) wheat basis dropped 1 1/2 cents to 60 cents below September futures. The average cash price dropped 27 cents to $7.01 1/2. HRW basis is much weaker than the three-year average of 31 1/4 cents under futures.

CATTLE COMMENTS

Cash cattle trade averaged $186.70 last week, up $1.89 from the previous week. Cash cattle are expected to trade higher again this week. Last year, the cash price was $144.39.

Choice boxed beef firmed 34 cents over the past week to $303.52. Last year at this time, Choice boxed beef prices were $263.23.

HOG COMMENTS

The average lean hog carcass price dropped $1.25 over the past week to $102.29. Last year’s lean carcass price on this date was $118.88.

The pork cutout value dropped $2.51 over the past week to $109.12. Last year at this time, the cutout price stood at $123.67.