Midweek Cash Markets -- Soybean Basis Remains Well Above Normal

Posted on Wed, 03/17/2021 - 15:47

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CORN COMMENTS

The national average corn basis slipped 1/4 cent over the past week to 6 cents above May futures. The national average cash corn price firmed 23 3/4 cents to $5.64.

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

 

SOYBEAN COMMENTS

The national average soybean basis firmed 3 3/4 cents over the past week to 14 1/4 cents above May futures. The national average cash price firmed 12 1/4 cents on the week to $14.32 1/2.

Basis is much better than the three-year average of 23 1/2 cents under futures.

 

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis held at 15 cents below May futures. Many locations are no longer giving a bid for spot delivery. The average cash price dropped 12 1/2 cents to $6.25. SRW basis is weaker than the three-year average of 2 1/2 cents under futures.

The national average hard red winter (HRW) wheat basis inched 1/4 cent higher to 29 1/4 cents below May futures. The average cash price dropped 15 1/4 cents over the past week to $5.71 3/4. HRW basis is slightly better than the three-year average of 31 1/4 cents under futures.

 

CATTLE COMMENTS

Cash cattle trade averaged $113.62 last week, down 2 cents from the previous week. Cash cattle trade started around $114 in the Southern Plains, signaling the cash price will be about steady for a sixth consecutive week. Last year, the cash price was $108.84.

Choice boxed beef prices firmed $1.18 over the past week to $228.47. Last year, Choice boxed beef prices were $207.17.

 

HOG COMMENTS

The average lean hog carcass price firmed another $3.80 over the past week to $90.56. Last year's lean carcass price on this date was $57.75.

The pork cutout value firmed $3.89 over the past week to $99.78. Last year at this time, the cutout price stood at $73.88.