Midweek Cash Markets | February 2, 2022

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CORN COMMENTS

The national average corn basis slipped 1 1/4 cents over the past week but remains 2 3/4 cents above March futures. The national average cash corn price fell 5 3/4 cents to $6.25 1/4.

Basis is slightly better than the three-year average of 1/4 cent under futures.

SOYBEAN COMMENTS

The national average soybean basis dropped a penny over the past week to 3/4 cent below March futures. The national average cash price surged $1.04 1/4 on the week to $15.44 1/2.

Basis is much better than the three-year average of 15 3/4 cents under futures.

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis held at 30 cents under March futures. The average cash price fell 40 cents to $7.25. SRW basis is much weaker than the three-year average of 1 1/4 cent under futures.

The national average hard red winter (HRW) wheat basis firmed 1 1/2 cents to 21 1/2 cents below March futures. The average cash price fell 44 3/4 cents to $7.48. HRW basis is slightly better than the three-year average of 28 1/4 cents under futures.

CATTLE COMMENTS

Cash cattle trade averaged $136.95 last week, down 55 cents from the previous week. This week’s cash trade has been generally $1 to $2 higher than last week thus far, with the strongest bids in the northern market. Last year at this time, the cash price was $113.63.

Choice boxed beef prices dropped $6.31 over the past week to $283.15. Last year, Choice boxed beef prices were $235.28.

HOG COMMENTS

The average lean hog carcass price firmed $4.09 over the past week to $83.29. Last year’s lean carcass price on this date was $69.17.

The pork cutout value firmed $3.98 over the past week to $96.44. Last year at this time, the cutout price stood at $78.76.