Midweek Cash Markets | Corn, bean basis continue to fall

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CORN COMMENTS

The national average corn basis fell 16 3/4 cents over the past week to 5 3/4 cents under December futures. The national average cash corn price dropped 24 3/4 cents to $5.19 3/4.

Basis is still slightly better than the three-year average, which is 11 cents under futures.

SOYBEAN COMMENTS

The national average soybean basis fell 3 3/4 cents over the past week to stand 14 cents below November futures. The national average cash price dropped 15 1/2 cents on the week to $12.68 3/4.

Basis is still much better than the three-year average of 33 3/4 cents under futures.

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis firmed 2 3/4 cents to 36 cents under December futures. The average cash price fell 3 3/4 cents to $6.69 3/4. SRW basis is much weaker than the three-year average of 12 1/4 cents under futures.

The national average hard red winter (HRW) wheat basis firmed 1/2 cent to 28 cents below December futures. The average cash price dropped 9 1/2 cents to $6.78. HRW basis is better than the three-year average of 35 1/4 cents under futures.

CATTLE COMMENTS

Cash cattle trade averaged $123.88 last week, down 91 cents from the previous week. This week’s trade started around steady prices compared with last week in the Southern Plains and roughly $1 lower in the northern market.  Last year at this time, the cash price was $103.54.

Choice boxed beef prices fell $11.99 over the past week to $307.83. Last year, Choice boxed beef prices were $215.38.

HOG COMMENTS

The average lean hog carcass price dropped another $2.70 over the past week to $92.65. Last year's lean carcass price on this date was $66.42.

The pork cutout value firmed $1.22 over the past week to $106.92. Last year at this time, the cutout price stood at $88.15.