Midweek Cash Markets | February 8, 2023

Cash hog prices show signs of a seasonal low.

market arrow.jpg
market arrow.jpg

CORN COMMENTS

The national average corn basis firmed 3 1/2 cents to 13 3/4 cents above March futures. The national average cash corn price firmed a penny to $6.92 1/4.

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

SOYBEAN COMMENTS

The national average soybean basis fell 1 3/4 cent but remained 12 1/2 cents above March futures. The national average cash price dropped 2 1/4 cents to $15.32 1/4.

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 firmed 1 1/4 cents to 26 1/4 cents under March futures. The average cash price firmed 6 1/4 cents to $7.38 1/2. SRW basis is much weaker than the three-year average of 10 1/2 cents under futures.

The national average hard red winter (HRW) wheat basis firmed 1/4 cent to 37 cents below March futures. The average cash price firmed 12 cents to $8.59. HRW basis is weaker than the three-year average of 29 3/4 cents under futures.

CATTLE COMMENTS

Cash cattle trade averaged $158.17 last week, up $2.92 from the previous week. Cash cattle are expected to trade solidly higher again this week. Last year, the cash price was $140.48.

Choice boxed beef firmed $2.13 over the past week to $267.20. Last year at this time, Choice boxed beef prices were $277.46.

HOG COMMENTS

The average lean hog carcass price firmed 69 cents over the past week to $71.32. Last year’s lean carcass price on this date was $90.40.

The pork cutout value firmed 34 cents over the past week to $79.29. Last year at this time, the cutout price stood at $97.29.