Midweek Cash Markets | February 28, 2024

CORN COMMENTS

The national average corn basis firmed 1/4 cent to 1/2 cent above March futures. The national average cash corn price firmed 2 1/2 cents to $4.13 3/4.

Basis is weaker than the three-year average of 8 3/4 cents above futures.

SOYBEAN COMMENTS

The national average soybean basis firmed 3 1/4 cents to 2 1/4 cents above March futures. The national average cash price dropped 23 1/2 cents to $11.36 1/4.

Basis is weaker than the three-year average of 6 1/2 cents above futures.

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis firmed 9 3/4 cents to 46 3/4 cents under March futures. The average cash price dropped 2 1/2 cents to $5.24 1/4. SRW basis is much weaker than the three-year average of 31 1/4 cents under futures.

The national average hard red winter (HRW) wheat basis dropped 1 3/4 cents to 60 1/4 cents below March futures. The average cash price firmed 16 1/2 cents to $5.35 1/4. HRW basis is much weaker than the three-year average of 31 cents under futures.

CATTLE COMMENTS

Cash cattle trade averaged $182.95 last week, up $2.60 from the previous week. This week’s cash cattle trade has again been slow to get started, with feedlots passing on steady/weaker bids. Last year, the cash price was $165.02.

Choice boxed beef firmed $5.23 over the past week to $303.03. Last year at this time, Choice boxed beef prices were $287.83.

HOG COMMENTS

The average lean hog carcass price firmed $2.53 over the past week to $78.02. Last year’s lean carcass price on this date was $77.38.

The pork cutout value firmed 17 cents over the past week to $90.34. Last year at this time, the cutout price stood at $84.36.