Midweek Cash Markets | November 8, 2023

CORN COMMENTS

The national average corn basis slipped 1 1/2 cents to 11 1/4 cents under December futures. The national average cash corn price inched up 1/2 cent to $4.64 3/4.

Basis is weaker than the three-year average of 7 1/4 cent above futures.

SOYBEAN COMMENTS

The national average soybean basis firmed 8 3/4 cents to 9 1/2 cents under January futures. The national average cash price firmed 59 1/2 cents to $13.56 1/4.

Basis is weaker than the three-year average of 7 1/2 cents above futures.

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis dropped 4 1/2 to 63 cents under December futures. The average cash price firmed 26 cents to $5.29 1/4. SRW basis is much weaker than the three-year average of 31 3/4 cents under futures.

The national average hard red winter (HRW) wheat basis firmed 5 3/4 cents to 58 3/4 cents below December futures. The average cash price firmed 15 3/4 cents to $5.91 1/4. HRW basis is much weaker than the three-year average of 31 3/4 cents under futures.

CATTLE COMMENTS

Cash cattle trade averaged $184.89 last week, up 87 cents from the previous week. Cash cattle negotiations have been limited, with packers slow to establish bids. Cash sources are split on this week’s eventual trade. Last year, the cash price was $152.71.

Choice boxed beef dropped another $3.43 over the past week to $298.75. Last year at this time, Choice boxed beef prices were $264.67.

HOG COMMENTS

The average lean hog carcass price dropped 87 cents over the past week to $74.35. Last year’s lean carcass price on this date was $86.98.

The pork cutout value firmed 8 cents over the past week to $86.58. Last year at this time, the cutout price stood at $94.12.