Midweek Cash Markets | January 29, 2025

Corn basis firmed despite a strong rise in the average cash price.

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

CORN COMMENTS

The national average corn basis firmed a penny to 8 1/4 cents below March futures. The national average cash corn price rose 13 3/4 cents to $4.88 3/4.

Basis is much weaker than the three-year average of 4 3/4 cent above futures.

SOYBEAN COMMENTS

The national average soybean basis dropped 3 1/2 cents to 14 cents below March futures. The national average cash price firmed 2 cents to $10.46 1/2.

Basis is much weaker than the three-year average of 5 1/4 cents above futures.

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis firmed 12 3/4 cents to 38 1/4 cents below March futures as several locations added an old-crop bid. The average cash price firmed 21 1/4 cents to $5.24 1/4. SRW basis is in line with the three-year average of 38 cents under futures.

The national average hard red winter (HRW) wheat basis slipped 3/4 cent to 59 cents below March futures. The average cash price firmed 4 3/4 cents to $5.21 1/4. HRW basis is much weaker than the three-year average of 40 cents under futures.

CATTLE COMMENTS

Cash cattle trade averaged a record $209.19 last week, up $5.52 from the previous week. After surging $24.40 during a 10-week span of gains, cash cattle prices may decline this week, though it’s unlikely they will fall much as feedlots are current. Last year, the cash price was $177.80.

Choice boxed beef dropped $1.48 over the past week to $330.54. Last year at this time, Choice boxed beef prices were $294.54.

HOG COMMENTS

The average lean hog carcass price firmed 80 cents over the past week to $80.83. Last year’s lean carcass price on this date was $72.78.

The pork cutout value firmed $3.14 over the past week to $93.31. Last year at this time, the cutout price stood at $87.56.