Midweek Cash Markets -- Soybean Basis Unchanged but Cash Price Drops

Posted on Tue, 03/30/2021 - 16:05

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CORN COMMENTS

The national average corn basis firmed 1 1/4 cents over the past week to 8 1/2 cents above May futures. The national average cash corn price dropped 12 3/4 cents to $5.47 3/4.

Basis is much better than the three-year average, which is 6 1/4 cents under futures.

 

SOYBEAN COMMENTS

The national average soybean basis held at 13 1/4 cents above May futures. The national average cash price dropped 66 cents on the week to $13.80.

Basis is much better than the three-year average of 23 3/4 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 23 cents to $5.86 3/4. SRW basis is weaker than the three-year average of 3 3/4 cents under futures.

The national average hard red winter (HRW) wheat basis firmed 3/4 cent over the past week to 28 1/4 cents below May futures. The average cash price dropped 17 cents to $5.30 1/4. HRW basis is slightly better than the three-year average of 30 1/2 cents under futures.

 

CATTLE COMMENTS

Cash cattle trade averaged $115.19 last week, up $1.36 from the previous week. Cash cattle trade is expected to be higher again this week, with initial asking prices at $118 and above. Last year, the cash price was $119.31.

Choice boxed beef prices firmed $9.99 over the past week to $244.83. Last year, Choice boxed beef prices were $255.30.

 

HOG COMMENTS

The average lean hog carcass price firmed another $4.19 over the past week to $98.04. Last year's lean carcass price on this date was $65.12.

The pork cutout value dropped $4.00 over the past week to $105.30. Last year at this time, the cutout price stood at $61.18.