Midweek Cash Markets | August 16, 2023

Midweek Cash Markets
Midweek Cash Markets
(Pro Farmer)

CORN COMMENTS

The national average corn basis firmed 7 3/4 cents to 55 3/4 cents above September futures. The national average cash corn price dropped 3 3/4 cents to $5.25 1/4.

Basis is better than the three-year average of 38 1/2 cents above futures.

 

SOYBEAN COMMENTS

The national average soybean basis held at 59 cents above November futures. The national average cash price firmed 15 cents to $13.82 1/2.

Basis is better than the three-year average of 49 1/2 cents above futures.

 

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis inched up 1/4 cent to 59 1/2 cents under September futures. The average cash price dropped 37 cents to $5.38 1/4. SRW basis is much weaker than the three-year average of 22 1/4 cents under futures.

The national average hard red winter (HRW) wheat basis slipped 1/4 cent to 60 1/4 cents below September futures. The average cash price dropped 18 3/4 cents to $6.82 3/4. HRW basis is much weaker than the three-year average of 30 cents under futures.

 

CATTLE COMMENTS

Cash cattle trade averaged $185.88 last week, down 82 cents from the previous week. Initial cash cattle trade this week was around $1 lower, though volume was light. Last year, the cash price was $146.88.

Choice boxed beef firmed $3.47 over the past week to $308.99. Last year at this time, Choice boxed beef prices were $264.34.

 

HOG COMMENTS

The average lean hog carcass price dropped $3.29 over the past week to $99.00. Last year’s lean carcass price on this date was $115.46.

The pork cutout value dropped $1.85 over the past week to $107.27. Last year at this time, the cutout price stood at $118.47.

 

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