Midweek Cash Markets | February 1, 2023

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CORN COMMENTS

The national average corn basis firmed 3 cents to 10 1/4 cents above March futures. The national average cash corn price firmed 9 1/4 cents to $6.91 1/4.

Basis is better than the three-year average of 4 cents over futures.

SOYBEAN COMMENTS

The national average soybean basis firmed 3/4 cent to 14 1/4 cents above March futures. The national average cash price firmed 18 1/2 cents to $15.34 1/2.

Basis is much better than the three-year average of 1 1/2 cents under futures.

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis slipped 1/2 cent to 27 1/2 cents under March futures. The average cash price firmed 18 cents to $7.32 1/4. SRW basis is much weaker than the three-year average of 7 3/4 cents under futures.

The national average hard red winter (HRW) wheat basis firmed 1/4 cent to 37 1/4 cents below March futures. The average cash price firmed 41 1/4 cents to $8.47. HRW basis is weaker than the three-year average of 27 cents under futures.

CATTLE COMMENTS

Cash cattle trade averaged $155.32 last week, down $1.46 from the previous week. Cash cattle are expected to trade about steady again this week. Last year, the cash price was $139.76.

Choice boxed beef dropped $3.21 over the past week to $265.07. Last year at this time, Choice boxed beef prices were $283.15.

HOG COMMENTS

The average lean hog carcass price slipped 2 cents over the past week to $70.63. Last year’s lean carcass price on this date was $85.37.

The pork cutout value slipped 16 cents over the past week to $78.95. Last year at this time, the cutout price stood at $96.44.