Midweek Cash Markets | August 2, 2023

CORN COMMENTS

The national average corn basis dropped 7 1/4 cents but remained 45 1/4 cents above September futures. The national average cash corn price dropped 59 1/4 cents to $5.33 1/2.

Basis is a little weaker than the three-year average of 51 3/4 cents above futures.

SOYBEAN COMMENTS

The national average soybean basis dropped 25 1/2 cents but remained 55 1/2 cents above November futures. The national average cash price fell $1.24 1/4 to $13.76 3/4.

Basis is a little weaker than the three-year average of 60 3/4 cents above futures.

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis firmed a penny to 58 3/4 cents under September futures. The average cash price dropped 79 cents to $5.81 1/4. SRW basis is much weaker than the three-year average of 20 1/4 cents under futures.

The national average hard red winter (HRW) wheat basis dropped 6 cents to 58 1/2 cents below September futures. The average cash price dropped 84 1/4 cents to $7.28 1/2. HRW basis is much weaker than the three-year average of 29 3/4 cents under futures.

CATTLE COMMENTS

Cash cattle trade averaged $184.81 last week, down $1.38 from the previous week. Cash cattle negotiations have been slow again this week, with opinions split on whether prices will end up higher or lower. Last year, the cash price was $140.84.

Choice boxed beef dropped 16 cents over the past week to $303.18. Last year at this time, Choice boxed beef prices were $267.94.

HOG COMMENTS

The average lean hog carcass price firmed 26 cents over the past week to $103.54. Last year’s lean carcass price on this date was $119.86.

The pork cutout value dropped $1.12 over the past week to $111.63. Last year at this time, the cutout price stood at $125.49.