Midweek Cash Markets | December 28, 2023
CORN COMMENTS
The national average corn basis firmed 2 1/4 cents to 11 cents under March futures. The national average cash corn price firmed 9 cents to $4.65 1/2.
Basis is much weaker than the three-year average of 6 3/4 cents above futures.
SOYBEAN COMMENTS
The national average soybean basis slipped 1/4 cent to 3/4 cent above January futures. The national average cash price firmed 3/4 cent to $13.17 1/2.
Basis is weaker than the three-year average of 9 1/4 cents above futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis firmed 5 3/4 cent to 64 cents under March futures. The average cash price firmed 25 1/2 cents to $5.65 3/4. SRW basis is much weaker than the three-year average of 28 1/4 cents under futures.
The national average hard red winter (HRW) wheat basis firmed 2 1/4 cents to 61 1/2 cents below March futures. The average cash price firmed 11 3/4 cents to $5.73 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 $170.51 last week, up $1.80 from the previous week. This week’s cash cattle trade is expected to occur at higher prices. Last year, the cash price was $157.81.
Choice boxed beef firmed $2.35 over the past week to $291.48. Last year at this time, Choice boxed beef prices were $280.04.
HOG COMMENTS
The average lean hog carcass price dropped 89 cents over the past week to $64.42. Last year’s lean carcass price on this date was $78.06.
The pork cutout value firmed $1.16 over the past week to $82.52. Last year at this time, the cutout price stood at $88.67.
