Midweek Cash Markets | Corn, soybean basis show modest improvements

Corn and bean basis remains much weaker than average.

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

CORN COMMENTS

The national average corn basis firmed 1 1/4 cents to 8 1/4 cents above September futures. The national average cash corn price dropped 3 cents to $4.14 1/4.

Basis remains much weaker than the three-year average of 34 cents above futures.

SOYBEAN COMMENTS

The national average soybean basis improved a penny to 2 cents below November futures. The national average cash price firmed 11 3/4 cents to $10.25 1/4.

Basis remains much weaker than the three-year average of 33 3/4 cents above futures.

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis dropped 14 cents to 33 1/4 cents below September futures. The average cash price firmed 7 1/4 cents to $5.15 3/4. SRW basis is much better than the three-year average of 44 3/4 cents under futures.

The national average hard red winter (HRW) wheat basis dropped 11 1/2 cent to 61 3/4 cents below September futures. The average cash price dropped 4 1/2 cents to $4.68 1/2. HRW basis is much weaker than the three-year average of 45 3/4 cents under futures.

CATTLE COMMENTS

Cash cattle trade averaged $229.51 last week, down $5.37 from the previous week. Cash cattle are expected to trade lower again this week with prices likely to be widely varied between the Southern Plains and northern market. Last year, the cash price was $197.09.

Choice boxed beef firmed another 66 cents over the past week to $395.60. Last year at this time, Choice boxed beef prices stood at $330.39.

HOG COMMENTS

The average lean hog carcass price dropped $3.58 over the past week to $109.53. Last year’s lean carcass price on this date was $86.55.

The pork cutout value dropped $5.98 over the past week to $112.30. Last year at this time, the cutout price stood at $94.32.