Midweek Cash Markets | September 6, 2023
CORN COMMENTS
The national average corn basis dropped 22 1/2 cents on the rollover to the December contract but remained 11 1/2 cents above futures. The national average cash corn price firmed 1 1/2 cents to $4.97 1/4.
Basis is weaker than the three-year average of 20 3/4 cents above futures.
SOYBEAN COMMENTS
The national average soybean basis dropped 25 cents but remained 8 1/2 cents above November futures. The national average cash price dropped 35 1/2 cents to $13.84 3/4.
Basis is weaker than the three-year average of 29 1/2 cents above futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis plunged 19 1/4 cents on the rollover to the December contract to stand 83 3/4 cents under futures. The average cash price firmed 13 cents to $5.25 1/4. SRW basis is much weaker than the three-year average of 32 1/2 cents under futures.
The national average hard red winter (HRW) wheat basis dropped 4 1/4 cents to 66 cents below December futures. The average cash price firmed 26 cents to $6.83 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 $182.50 last week, down 25 cents from the previous week. Opinions on this week’s cash cattle trade are mixed, with some expecting prices to rebound while others see them falling for a fifth consecutive week. Last year, the cash price was $142.48.
Choice boxed beef dropped $1.54 over the past week to $313.57. Last year at this time, Choice boxed beef prices were $261.34.
HOG COMMENTS
The average lean hog carcass price dropped $6.05 over the past week to $83.89. Last year’s lean carcass price on this date was $95.53.
The pork cutout value firmed $5.74 over the past week to $98.33. Last year at this time, the cutout price stood at $103.15.
