Midweek Cash Markets -- April 8, 2020

Posted on Wed, 04/08/2020 - 05:43

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CORN COMMENTS

The national average corn basis held steady over the past week at 1/2 cent below May futures. The national average cash corn price dropped 3 1/4 cents to $3.31.

Basis is firmer than the three-year average, which is 8 cents below futures.

 

SOYBEAN COMMENTS

The national average soybean basis dropped 2 1/4 cents over the past week to 2 1/2 cents below May futures. The national average cash price dropped 10 1/4 cents on the week to $8.52 1/4.

Basis is much better than the three-year average of 31 cents under futures.

 

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis slipped 1 1/4 cents over the past week to 5 cents below May futures. The average cash price dropped 2 1/4 cents to $5.44 1/4. SRW basis is slightly better than the three-year average of 7 3/4 cents below 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 slipped 1 1/4 cents over the past week to $4.45 1/2. HRW basis is much stronger than the three-year average of 50 1/2 cents under futures.

 

CATTLE COMMENTS

Cash cattle trade averaged $111.08 last week, down $8.23 from the previous week. Cash cattle trade started around $105 in the Southern and Central Plains. Last year, the cash price was $126.19.

Choice boxed beef prices plunged another $7.29 over the past week to $227.88. Last year, Choice boxed beef prices were $229.05.

 

HOG COMMENTS

The average lean hog carcass price plunged $8.94 over the past week to $55.52. Last year's lean carcass price on this date was $79.29.

The pork cutout value plunged another $7.48 over the past week to $53.70. Last year at this time, the cutout price stood at $78.63.