Midweek Cash Markets | January 17, 2024

CORN COMMENTS

The national average corn basis firmed 3 1/2 cents to 1/4 cent above March futures. The national average cash corn price dropped 13 3/4 cents to $4.42 1/2.

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

SOYBEAN COMMENTS

The national average soybean basis firmed 1 1/2 cents to 1 1/4 cent above March futures. The national average cash price dropped 29 1/4 cents to $12.07.

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

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis firmed 2 1/4 cents to 59 1/4 cents under March futures. The average cash price dropped 26 cents to $5.23 1/4. SRW basis is much weaker than the three-year average of 23 1/2 cents under futures.

The national average hard red winter (HRW) wheat basis firmed a penny to 59 1/4 cents below March futures. The average cash price dropped 29 1/2 cents to $5.34 3/4. HRW basis is much weaker than the three-year average of 30 3/4 cents under futures.

CATTLE COMMENTS

Cash cattle trade averaged $173.47 last week, down 54 cents from the previous week. This week’s cash cattle trade will come late in the week due to weather delays and USDA’s Cattle on Feed Report Friday afternoon. Last year, the cash price was $155.32.

Choice boxed beef surged $15.38 over the past week to $298.45. Last year at this time, Choice boxed beef prices were $274.08.

HOG COMMENTS

The average lean hog carcass price firmed 65 cents over the past week to $65.85. Last year’s lean carcass price on this date was $70.65.

The pork cutout value firmed $1.29 over the past week to $87.96. Last year at this time, the cutout price stood at $77.89.