Midweek Cash Comments -- Feb. 12, 2020

Posted on Wed, 02/12/2020 - 16:01

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CORN COMMENTS

The national average corn basis firmed a penny over the past week to 9 1/4 cents above March futures. The national average cash corn price firmed 3 cents to $3.92 1/4.

Basis is much firmer than the three-year average, which is 4 3/4 cents below futures.

 

SOYBEAN COMMENTS

The national average soybean basis firmed 2 1/4 cents over the past week to 1 1/4 cents below March futures. The national average cash price firmed 14 3/4 cents on the week to $8.91 1/4.

Basis is much better than the three-year average of 24 1/4 cents under futures.

 

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis firmed 13 1/2 cents over the past week to 17 cents above March futures as some locations that pulled bids last week were bidding for old-crop wheat again. The average cash price dropped a penny to $5.64 1/2. SRW basis is much better than the three-year average of 5 1/4 cents below futures.

The national average hard red winter (HRW) wheat basis firmed 2 1/2 cents on the week to 26 3/4 cents below March futures. The average cash price firmed 4 1/2 cents over the past week to $4.47. HRW basis is much stronger than the three-year average of 56 1/4 cents under futures.

 

CATTLE COMMENTS

Cash cattle trade averaged $121.05 last week, down $1.82 from the previous week. Cash cattle trade has taken place in the $119 to $120 range this week. Last year, the cash price was $124.96.

Choice boxed beef prices dropped $4.41 over the past week to $206.31. Last year, Choice boxed beef prices were $216.44.

 

HOG COMMENTS

The average lean hog carcass bid dropped $1.42 over the past week to $60.98. Last year's lean carcass price on this date was $55.55.

The pork cutout value plunged another $6.23 over the past week to $64.15. Last year at this time, the cutout price stood at $62.71.