Midweek Cash Markets -- Corn, Soybean Basis Slips as Prices Surge but Remains Strong

Posted on Wed, 01/13/2021 - 16:02

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CORN COMMENTS

The national average corn basis dropped 4 3/4 cents over the past week but is still 4 cents above March futures. The national average cash corn price firmed 24 3/4 cents to $5.28 1/2.

Basis is better than the three-year average, which is a penny below futures.

 

SOYBEAN COMMENTS

The national average soybean basis dropped 2 1/2 cents over the past week to even with March futures. The national average cash price surged another 42 1/4 cents on the week to $14.06 1/4.

Basis is much better than the three-year average of 22 3/4 cents under futures.

 

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis firmed a penny over the past week to 13 1/2 cents under March futures. Many locations aren’t giving a bid for spot delivery. The average cash price firmed 14 cents to $6.45. SRW basis is weaker than the three-year average of 3 cents below futures.

The national average hard red winter (HRW) wheat basis held at 31 3/4 cents below March futures. The average cash price firmed 22 1/4 cents over the past week to $5.94. HRW basis is better than the three-year average of 37 cents under futures.

 

CATTLE COMMENTS

Cash cattle trade averaged $111.27 last week, down 24 cents from the previous week. Cash cattle trade started in the $110 to $111 range this week. Last year, the cash price was $124.47.

Choice boxed beef prices firmed $5.73 over the past week to $211.00. Last year, Choice boxed beef prices were $209.56.

 

HOG COMMENTS

The average lean hog carcass price firmed $3.06 over the past week to $65.48. Last year's lean carcass price on this date was $59.34.

The pork cutout value firmed $1.24 over the past week to $76.68. Last year at this time, the cutout price stood at $73.28.