Midweek Cash Markets | August 31, 2022
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CORN COMMENTS
The national average corn basis dropped 6 cents but remained 55 1/2 cents above September futures. The national average cash corn price firmed 2 cents to $7.29 1/4.
Basis is much better than the three-year average of 8 1/2 cents above futures.
SOYBEAN COMMENTS
The national average soybean basis firmed 2 3/4 cents to $1.33 1/4 above November futures. The national average cash price dropped 31 3/4 cents to $15.55 3/4.
Basis is much better than the three-year average of 8 1/4 cents under futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis slipped 1/2 cent to 42 1/2 cents under September futures. The average cash price firmed 13 1/2 cents to $7.66 1/2. SRW basis is much weaker than the three-year average of 15 cents under futures.
The national average hard red winter (HRW) wheat basis fell 7 1/2 cents to 50 1/2 cents below September futures. The average cash price firmed 21 cents to $8.74 1/4. HRW basis is much weaker than the three-year average of 30 3/4 cents under futures.
CATTLE COMMENTS
Cash cattle trade averaged $144.79 last week, down $2.09 from the previous week. This week’s cash trade has been slow to get established but is expected to be weaker again as packers have fresh contract supplies available on Thursday. Last year at this time, the cash price was $125.61.
Choice boxed beef dropped $4.49 over the past week to $258.34. Last year, Choice boxed beef prices were $338.45.
HOG COMMENTS
The average lean hog carcass price plunged $10.44 over the past week to $105.02. Last year’s lean carcass price on this date was $94.57.
The pork cutout value firmed 20 cents over the past week to $103.19. Last year at this time, the cutout price stood at $106.54.
