Midweek Cash Markets | August 17, 2022

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CORN COMMENTS

The national average corn basis dropped 11 1/4 cents but remained 58 3/4 cents above September futures. The national average cash corn price dropped 17 1/2 cents to $6.73 3/4.

Basis is much better than the three-year average of 21 1/4 cents above futures.

SOYBEAN COMMENTS

The national average soybean basis slipped 7 1/2 cents but remained $1.17 1/2 above November futures. The national average cash price dropped 45 1/4 cents to $15.07 1/2.

Basis is much better than the three-year average of 1/4 cent under futures.

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis dropped 2 cents to 42 3/4 cents under September futures. The average cash price dropped 38 1/2 cents to $7.20 1/2. SRW basis is much weaker than the three-year average of 10 cents under futures.

The national average hard red winter (HRW) wheat basis improved 3/4 cent to 43 1/4 cents below September futures. The average cash price dropped 21 cents to $8.07 3/4. HRW basis is much weaker than the three-year average of 23 1/2 cents under futures.

CATTLE COMMENTS

Cash cattle trade averaged $144.39 last week, up $3.55 from the previous week. This week’s cash trade is again expected to take place at higher prices. Last year at this time, the cash price was $125.47.

Choice boxed beef firmed $1.11 over the past week to $264.34. Last year, Choice boxed beef prices were $340.08.

HOG COMMENTS

The average lean hog carcass price dropped 98 cents over the past week to $118.88. Last year’s lean carcass price on this date was $101.76.

The pork cutout value fell $5.20 over the past week to $118.47. Last year at this time, the cutout price stood at $120.61.