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CORN COMMENTS
The national average corn basis firmed 3 cents over the past week to 11 1/2 cents above May futures. The national average cash corn price firmed 1 1/4 cents to $5.49.
Basis is much better than the three-year average, which is 5 cents under futures.
SOYBEAN COMMENTS
The national average soybean basis firmed 6 1/4 cents over the past week to 19 1/2 cents above May futures. The national average cash price firmed 48 1/4 cents on the week to $14.28 1/4.
Basis is much better than the three-year average of 21 1/4 cents under futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis held at 15 cents below May futures. Many locations are no longer giving a bid for spot delivery. The average cash price firmed 14 1/2 cents to $6.01 1/4. SRW basis is weaker than the three-year average of 7 1/4 cents under futures.
The national average hard red winter (HRW) wheat basis firmed 1/2 cent over the past week to 27 3/4 cents below May futures. The average cash price firmed 5 1/4 cents to $5.35 1/2. HRW basis is slightly better than the three-year average of 30 cents under futures.
CATTLE COMMENTS
Cash cattle trade averaged $118.08 last week, up $2.89 from the previous week. This week’s cash cattle trade started in the $120 area in the Southern Plains but has firmed from there. Last year, the cash price was $111.08.
Choice boxed beef prices surged another $21.48 over the past week to $266.31. Aside from the Covid-induced surge in prices last year, that’s the highest ever, eclipsing the May 2015 peak. Last year, Choice boxed beef prices were $235.17.
HOG COMMENTS
The average lean hog carcass price firmed another $2.43 over the past week to $100.47. Last year's lean carcass price on this date was $64.46.
The pork cutout value firmed $4.04 over the past week to $109.34. Last year at this time, the cutout price stood at $53.70.
