Midweek Cash Markets | Cash cattle, boxed beef surging.

Sharp weekly declines in soybean, wheat basis on rollover to the July contracts.

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

CORN COMMENTS

The national average corn basis firmed 3/4 cent to 2 1/4 cents above July futures. The national average cash corn price firmed 4 1/4 cents to $4.77 3/4.

Basis is much weaker than the three-year average of 16 1/2 cents above futures.

SOYBEAN COMMENTS

The national average soybean basis dropped 11 cents to 2 1/2 cents below futures on the rollover to the July contract. The national average cash price dropped 6 3/4 cents to $10.42.

Basis is much weaker than the three-year average of 14 cents above futures.

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis fell 16 1/2 cents to 57 1/4 cents below futures on the rollover to July and as several locations dropped old-crop bids. The average cash price fell 14 cents to $4.73 1/2. SRW basis is weaker than the three-year average of 52 3/4 cents under futures.

The national average hard red winter (HRW) wheat basis dropped 10 3/4 cents to 72 3/4 cents below futures on the rollover to the July contract. The average cash price fell 19 cents to $4.56 3/4. HRW basis is much weaker than the three-year average of 42 3/4 cents under futures.

CATTLE COMMENTS

Cash cattle trade averaged a record $216.32 last week, up $4.69 from the previous week and $3.56 above the previous high. Cash cattle are expected to trade higher this week. Last year, the cash price was $185.74.

Choice boxed beef jumped $13.34 over the past week to $345.31. Last year at this time, Choice boxed beef prices stood at $293.54.

HOG COMMENTS

The average lean hog carcass price firmed $3.26 over the past week to $86.97. Last year’s lean carcass price on this date was $88.75.

The pork cutout value firmed $2.53 over the past week to $96.61. Last year at this time, the cutout price stood at $97.99.