Midweek Cash Markets | January 10, 2024

CORN COMMENTS

The national average corn basis firmed 2 1/2 cents to 3 1/4 cents under March futures. The national average cash corn price dropped 3 1/4 cents to $4.56 1/4.

Basis is weaker than the three-year average of 5 cents above futures.

SOYBEAN COMMENTS

The national average soybean basis firmed 2 1/4 cents to 1/4 cent below March futures. The national average cash price dropped 38 1/4 cents to $12.36 1/4.

Basis is weaker than the three-year average of 6 1/4 cents above futures.

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis firmed a penny to 61 1/2 cents under March futures. The average cash price firmed 11 1/2 cents to $5.49 1/4. SRW basis is much weaker than the three-year average of 23 3/4 cents under futures.

The national average hard red winter (HRW) wheat basis slipped 1/4 cent to 60 1/4 cents below March futures. The average cash price firmed 2 3/4 cents to $5.64 1/4. HRW basis is much weaker than the three-year average of 31 1/4 cents under futures.

CATTLE COMMENTS

Cash cattle trade averaged $174.01 last week, up $1.77 from the previous week. Cash cattle are expected to trade higher again this week, though the inclement weather raises some uncertainty. Last year, the cash price was $156.78.

Choice boxed beef firmed $5.04 over the past week to $283.07. Last year at this time, Choice boxed beef prices were $280.73.

HOG COMMENTS

The average lean hog carcass price firmed $1.88 over the past week to $65.20. Last year’s lean carcass price on this date was $72.51.

The pork cutout value firmed $3.89 over the past week to $86.67. Last year at this time, the cutout price stood at $80.68.