Midweek Cash Markets | November 1, 2023
CORN COMMENTS
The national average corn basis firmed 2 cents to 10 3/4 cents under December futures. The national average cash corn price dropped 3 cents to $4.64 1/4.
Basis is weaker than the three-year average of 1/2 cent under futures.
SOYBEAN COMMENTS
The national average soybean basis dropped 12 3/4 cents on the rollover to the January contract to stand 18 1/4 cents under futures. The national average cash price firmed 14 cents to $12.96 3/4.
Basis is weaker than the three-year average of 1/4 cent under futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis firmed 15 1/2 to 58 1/2 cents under December futures. The average cash price firmed 8 3/4 cents to $5.03 1/4. SRW basis is much weaker than the three-year average of 29 1/4 cents under futures.
The national average hard red winter (HRW) wheat basis held at 64 1/2 cents below December futures. The average cash price dropped 9 cents to $5.75 1/2. HRW basis is much weaker than the three-year average of 31 3/4 cents under futures.
CATTLE COMMENTS
Cash cattle trade averaged $184.02 last week, down $2.13 from the previous week. Cash cattle trade this week has been slow to get started, though cash sources expect roughly steady prices. Last year, the cash price was $151.98.
Choice boxed beef dropped $5.32 over the past week to $302.18. Last year at this time, Choice boxed beef prices were $263.47.
HOG COMMENTS
The average lean hog carcass price dropped $1.51 over the past week to $75.22. Last year’s lean carcass price on this date was $87.85.
The pork cutout value dropped $1.09 over the past week to $86.50. Last year at this time, the cutout price stood at $96.23.
