Midweek Cash Markets | August 30, 2023

CORN COMMENTS

The national average corn basis dropped 12 cents but remained 34 cents above September futures. The national average cash corn price dropped 26 1/2 cents to $4.95 3/4.

Basis is better than the three-year average of 26 1/4 cents above futures.

SOYBEAN COMMENTS

The national average soybean basis dropped 12 1/2 but remained 33 1/2 cents above November futures. The national average cash price firmed 37 3/4 cents to $14.20 1/4.

Basis is weaker than the three-year average of 46 cents above futures.

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis dropped a nickel to 64 1/2 cents under September futures. The average cash price dropped 26 cents to $5.12 1/4. SRW basis is much weaker than the three-year average of 26 1/4 cents under futures.

The national average hard red winter (HRW) wheat basis dropped 1 3/4 cents to 61 3/4 cents below September futures. The average cash price dropped 25 1/4 cents to $6.57 1/2. HRW basis is much weaker than the three-year average of 35 1/4 cents under futures.

CATTLE COMMENTS

Cash cattle trade averaged $182.75 last week, down $2.29 from the previous week. This week’s cash cattle negotiations have been limited, with cash sources split on the eventual direction of cash trade. Last year, the cash price was $142.88.

Choice boxed beef dropped $1.94 over the past week to $315.11. Last year at this time, Choice boxed beef prices were $258.34.

HOG COMMENTS

The average lean hog carcass price dropped $5.16 over the past week to $89.94. Last year’s lean carcass price on this date was $99.78.

The pork cutout value dropped $2.51 over the past week to $92.59. Last year at this time, the cutout price stood at $103.19.