Midweek Cash Markets | November 29, 2023

CORN COMMENTS

The national average corn basis firmed 2 1/2 cent to 6 1/2 cents under December futures. The national average cash corn price dropped 16 1/2 cents to $4.43 1/4.

Basis is weaker than the three-year average of 8 1/4 cents above futures.

SOYBEAN COMMENTS

The national average soybean basis inched up 1/4 cent to 13 1/4 cents under January futures. The national average cash price dropped 9 3/4 cents to $13.33 3/4.

Basis is much weaker than the three-year average of 13 1/4 cents above futures.

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis firmed 2 1/2 cents to 61 1/4 cents under December futures. The average cash price firmed 2 3/4 cents to $4.94 3/4. SRW basis is much weaker than the three-year average of 36 3/4 cents under futures.

The national average hard red winter (HRW) wheat basis held at 63 3/4 cents below December futures. The average cash price firmed 25 1/2 cents to $5.76 1/4. HRW basis is much weaker than the three-year average of 28 cents under futures.

CATTLE COMMENTS

Cash cattle trade averaged $176.77 last week, down $1.05 from the previous week. Light cash cattle trade this week started at $1.00 to $2.00 lower prices, though most feedlots are now hoping to get steady/firmer prices given the corrective rebound in futures. Last year, the cash price was $156.42.

Choice boxed beef firmed 3 cents over the past week to $297.03. Last year at this time, Choice boxed beef prices were $254.88.

HOG COMMENTS

The average lean hog carcass price dropped $2.47 over the past week to $69.74. Last year’s lean carcass price on this date was $81.75.

The pork cutout value dropped 71 cents over the past week to $83.97. Last year at this time, the cutout price stood at $87.33.