Midweek Cash Markets -- Soybean Basis Firms, Average Cash Soybean Price Surges

Posted on Wed, 02/24/2021 - 16:14

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CORN COMMENTS

The national average corn basis slipped 3/4 cent over the past week but remains 2 1/2 cents above March futures. The national average cash corn price firmed 5 1/2 cents to $5.61 3/4.

Basis is slightly better than the three-year average, which is 1 1/4 cents above futures.

 

SOYBEAN COMMENTS

The national average soybean basis firmed 5 1/2 cents over the past week to 7 cents above March futures. The national average cash price rose 45 1/2 cents on the week to $14.30 3/4.

Basis is much better than the three-year average of 18 cents under futures.

 

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis held at 13 1/4 cents under March futures. Many locations are no longer giving a bid for spot delivery. The average cash price firmed 36 1/4 cents to $6.67. SRW basis is weaker than the three-year average of 2 1/4 cents above futures.

The national average hard red winter (HRW) wheat basis firmed a penny to 28 1/4 cents below March futures again this week. The average cash price firmed 32 1/2 cents over the past week to $6.27 3/4. HRW basis is slightly better than the three-year average of 32 3/4 cents under futures.

 

CATTLE COMMENTS

Cash cattle trade averaged $114.07 last week, up 24 cents from the previous week. This week’s cash trade started around $114.00. Last year, the cash price was $119.71.

Choice boxed beef prices firmed $3.24 over the past week to $240.75. Last year, Choice boxed beef prices were $205.57.

 

HOG COMMENTS

The average lean hog carcass price firmed another $2.60 over the past week to $79.13. Last year's lean carcass price on this date was $55.54.

The pork cutout value firmed $2.88 over the past week to $90.67. Last year at this time, the cutout price stood at $63.36.