Midweek Cash Markets | June 1, 2022

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CORN COMMENTS

The national average corn basis slipped 3/4 cent over the past week but is still 14 1/2 cents above July futures. The national average cash corn price dropped 41 3/4 cents to $7.45 3/4.

Basis is slightly better than the three-year average of 11 1/4 cents above futures.

 

SOYBEAN COMMENTS

The national average soybean basis fell 9 1/4 cents over the past week but is still 32 3/4 cents above July futures. The national average cash price held at $17.23.

Basis is much stronger than the three-year average of 5 3/4 cents below futures.

 

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis dropped 2 cents over the past week to 51 1/4 cents under July futures. The average cash price plunged $1.09 1/2 to $9.90. SRW basis is much weaker than the three-year average of 4 3/4 cents under futures.

The national average hard red winter (HRW) wheat basis firmed 1 3/4 cents to 53 cents below July futures. The average cash price plunged $1.03 1/4 to $10.75 1/4. HRW basis is much weaker than the three-year average of 19 3/4 cents under futures.

 

CATTLE COMMENTS

Cash cattle trade averaged $139.07 last week, down $1.18 from the previous week. This week’s cash trade started at roughly $2 lower prices. Last year at this time, the cash price was $119.92.

Choice boxed beef prices firmed $4.49 over the past week to $267.42. Last year, Choice boxed beef prices were $340.16.

 

HOG COMMENTS

The average lean hog carcass price firmed $1.59 over the past week to $103.61. Last year’s lean carcass price on this date was $115.73.

The pork cutout value firmed $2.95 over the past week to $110.02. Last year at this time, the cutout price stood at $129.59.

 

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