Midweek Cash Markets | April 6, 2022

Corn and wheat basis firmed even as cash prices rose.

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CORN COMMENTS

The national average corn basis firmed 3 cents to 4 3/4 cents below May futures. The national average cash corn price firmed 21 cents to $7.51 1/4.

Basis is weaker than the three-year average of 3 cents above futures.

SOYBEAN COMMENTS

The national average soybean basis firmed 3 1/4 cents over the past week to 2 3/4 cents below May futures. The national average cash price fell 41 1/4 cents on the week to $16.16 3/4.

Basis is a little better than the three-year average of 5 1/4 cents under futures.

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis firmed 13 3/4 cents to 44 1/2 cents under May futures. The average cash price firmed 24 3/4 cents to $9.93 3/4. SRW basis is much weaker than the three-year average of 11 1/4 cents under futures.

The national average hard red winter (HRW) wheat basis firmed 2 cents to 59 1/4 cents below May futures. The average cash price firmed 42 1/2 cents to $10.25 3/4. HRW basis is much weaker than the three-year average of 23 3/4 cents under futures.

CATTLE COMMENTS

Cash cattle trade averaged $139.32 last week, up 37 cents from the previous week. This week’s cash trade occurred at roughly steady prices. Last year at this time, the cash price was $122.01.

Choice boxed beef prices firmed $4.50 over the past week to $271.04. Last year, Choice boxed beef prices were $266.31.

HOG COMMENTS

The average lean hog carcass price dropped $2.41 over the past week to $99.72. Last year’s lean carcass price on this date was $100.86.

The pork cutout value firmed 65 cents over the past week to $104.37. Last year at this time, the cutout price stood at $109.34.