Midweek Cash Markets | Big weekly swings in corn (down) and soybean (up) basis

Both remain well below average.

ProFarmer - Midweek Cash Markets.jpg
Pro Farmer Midweek Cash Markets
(Lindsey Pound)

CORN COMMENTS

The national average corn basis dropped 8 3/4 cents to 6 1/2 cents below July futures. The national average cash corn price fell 35 cents to $4.42 3/4.

Basis is much weaker than the three-year average of 17 3/4 cents above futures.

SOYBEAN COMMENTS

The national average soybean basis firmed 9 3/4 cents to 7 1/4 cents above July futures. The national average cash price firmed 4 1/2 cents to $10.46 1/2.

Basis is still much weaker than the three-year average of 17 cents above futures.

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis firmed 12 3/4 cents to 44 1/2 cents below July futures. The average cash price firmed 16 1/4 cents to $4.89 3/4. SRW basis is a little better than the three-year average of 48 1/4 cents under futures.

The national average hard red winter (HRW) wheat basis firmed 9 3/4 cents to 63 cents below July futures. The average cash price firmed 9 3/4 cents to $4.66 1/2. HRW basis is much weaker than the three-year average of 46 1/2 cents under futures.

CATTLE COMMENTS

Cash cattle trade averaged a record $220.97 last week, up $4.65 from the previous week. Cash cattle initially traded steady/higher this week. Last year, the cash price was $185.94.

Choice boxed beef firmed 84 cents over the past week to $346.15. Last year at this time, Choice boxed beef prices stood at $296.67.

HOG COMMENTS

The average lean hog carcass price firmed 28 cents over the past week to $87.25. Last year’s lean carcass price on this date was $88.86.

The pork cutout value dropped $1.07 over the past week to $95.54. Last year at this time, the cutout price stood at $99.29.