Midweek Cash Markets | January 3, 2024

CORN COMMENTS

The national average corn basis firmed 5 1/4 cents to 5 3/4 cents under March futures. The national average cash corn price dropped 6 cents to $4.59 1/2.

Basis is weaker than the three-year average of 6 3/4 cents above futures.

SOYBEAN COMMENTS

The national average soybean basis dropped 3 1/4 cents to 2 1/2 cents below March futures. The national average cash price dropped 43 cents to $12.74 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 1 1/2 cents to 62 1/2 cents under March futures. The average cash price dropped 28 cents to $5.37 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 1 1/2 cents to 60 cents below March futures. The average cash price dropped 12 cents to $5.61 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 $172.24 last week, up $1.73 from the previous week. Initial cash trade started around $175.00 in the far northern market. Last year, the cash price was $157.74.

Choice boxed beef dropped $13.45 over the past week to $278.03. Last year at this time, Choice boxed beef prices were $282.89.

HOG COMMENTS

The average lean hog carcass price dropped $1.10 over the past week to $63.32. Last year’s lean carcass price on this date was $75.20.

The pork cutout value firmed 56 cents over the past week to $82.78. Last year at this time, the cutout price stood at $85.83.