The national average corn basis dropped 1 3/4 cents over the past week to even with May futures. The national average cash corn price firmed 11 1/2 cents to $3.48 1/2.
Basis is still much firmer than the three-year average, which is 9 1/2 cents below futures.
The national average soybean basis firmed 3/4 cent over the past week to 1 1/4 cents below May futures. The national average cash price surged 56 3/4 cents on the week to $8.80 1/4.
Basis is much better than the three-year average of 33 1/4 cents under futures.
The national average soft red winter (SRW) wheat basis dropped 2 1/2 cents over the past week but remains 4 cents above May futures. The average cash price surged 69 1/4 cents to $5.84. SRW basis is much better than the three-year average of 8 1/2 cents below futures.
The national average hard red winter (HRW) wheat basis slipped 3/4 cent on the week to 29 1/4 cents below May futures. The average cash price surged 64 3/4 cents over the past week to $4.71 3/4. HRW basis is much stronger than the three-year average of 51 3/4 cents under futures.
Cash cattle trade averaged $109.89 last week, up $1.05 from the previous week. Cash cattle traded around $120 on the Fed Cattle Exchange online auction on Wednesday. We expect cash-negotiated trade will also be around that level. Last year, the cash price was $128.96.
Choice boxed beef prices firmed another $8.06 over the past week to $255.30. Last year, Choice boxed beef prices were $228.99.
The average lean hog carcass price firmed $4.54 over the past week to $65.12. Last year's lean carcass price on this date was $69.50.
The pork cutout value firmed another $4.58 over the past week to $78.46. Last year at this time, the cutout price stood at $72.52.