Midweek Cash Markets | July 26, 2023

CORN COMMENTS

The national average corn basis slipped 1 cent but remained 52 1/2 cents above September futures. The national average cash corn price dropped 6 1/4 cents to $5.92 3/4.

Basis is a little weaker than the three-year average of 62 1/2 cents above futures.

SOYBEAN COMMENTS

The national average soybean basis firmed 80 1/4 cents on the rollover to the November contract to stand 81 cents above futures. The national average cash price dropped 6 3/4 cents to $15.01.

Basis is in line with the three-year average of 79 1/2 cents above futures.

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis dropped 13 1/2 cents to 59 3/4 cents under September futures. The average cash price dropped 22 1/4 cents to $6.60 1/4. SRW basis is much weaker than the three-year average of 18 3/4 cents under futures.

The national average hard red winter (HRW) wheat basis dropped 5 3/4 cents to 52 1/2 cents below September futures. The average cash price dropped 7 1/4 cents to $8.12 3/4. HRW basis is much weaker than the three-year average of 29 cents under futures.

CATTLE COMMENTS

Cash cattle trade averaged $186.19 last week, up $1.92 from the previous week. Cash cattle are expected to trade higher again this week, though negotiations were limited through Wednesday afternoon. Last year, the cash price was $139.82.

Choice boxed beef dropped 25 cents over the past week to $303.34. Last year at this time, Choice boxed beef prices were $267.99.

HOG COMMENTS

The average lean hog carcass price firmed $2.62 over the past week to $103.28. Last year’s lean carcass price on this date was $118.94.

The pork cutout value firmed 14 cents over the past week to $112.75. Last year at this time, the cutout price stood at $126.79.