Midweek Cash Markets | March 29, 2023
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CORN COMMENTS
The national average corn basis firmed a penny to 20 1/4 cents above May futures. The national average cash corn price firmed 18 cents to $6.70 3/4.
Basis is much better than the three-year average of 1/4 cent above futures.
SOYBEAN COMMENTS
The national average soybean basis firmed 4 cents to 19 3/4 cents above May futures. The national average cash price firmed 32 3/4 cents to $14.97.
Basis is much better than the three-year average of 2 cents above futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis slipped 1/4 cent to 51 1/2 cents under May futures. The average cash price firmed 41 cents to $6.53 1/4. SRW basis is much weaker than the three-year average of 23 1/4 cents under futures.
The national average hard red winter (HRW) wheat basis slipped 1/4 cent to 39 3/4 cents below May futures. The average cash price firmed 59 cents to $8.30 3/4. HRW basis is equal to the three-year average of 39 3/4 cents under futures.
CATTLE COMMENTS
Cash cattle trade averaged $164.41 last week, up 24 cents from the previous week. Cash cattle are expected to trade higher again this week. Last year, the cash price was $139.32.
Choice boxed beef dropped $1.01 over the past week to $280.29. Last year at this time, Choice boxed beef prices were $266.54.
HOG COMMENTS
The average lean hog carcass price dropped $2.76 over the past week to $74.22. Last year’s lean carcass price on this date was $99.72.
The pork cutout value firmed 40 cents over the past week to $80.26. Last year at this time, the cutout price stood at $103.72.
