Midweek Cash Markets | June 2, 2021

( )

Click here for related charts.

Click
here for Pro Farmer’s Daily Advice Monitor.

 

CORN COMMENTS

The national average corn basis fell 5 1/2 cents on the week but remains 31 1/4 cents above July futures. The national average cash corn price firmed 45 cents to $7.06 1/4.

Basis is much better than the three-year average, which is 2 1/2 cents under futures.

 

SOYBEAN COMMENTS

The national average soybean basis fell 8 1/2 cents over the past week but remains 22 3/4 cents above July futures. The national average cash price firmed 50 1/2 cents on the week to $15.85 1/4.

Basis is far better than the three-year average of 18 3/4 cents under futures.

 

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis firmed 11 1/4 cents to 2 3/4 cents above July futures as some locations are offering push bids. The average cash price rose 50 1/4 cents to $6.90 1/4. SRW basis is better than the three-year average of 2 3/4 cents under futures.

The national average hard red winter (HRW) wheat basis firmed 1 1/4 cents to 13 cents below futures. The average cash price rose 36 1/4 cents to $6.20 3/4. HRW basis is better than the three-year average of 26 3/4 cents under futures.

 

CATTLE COMMENTS

Cash cattle trade averaged $119.64 last week, down 8 cents from the previous week. The JBS disruptions due to the cyberattack have slowed negotiations and add a layer of uncertainty to this week’s cash trade. Last year at this time, the cash price was $115.71.

Choice boxed beef prices surged another $10.67 over the past week to $340.16. Last year, Choice boxed beef prices were $377.77, though the prior five-year average for this week was $233.88.

 

HOG COMMENTS

The average lean hog carcass price firmed $1.25 over the past week to $113.75. Last year's lean carcass price on this date was $62.53.

The pork cutout value firmed $5.61 over the past week to $129.59. Last year at this time, the cutout price stood at $74.28.

 

Latest News

After the Bell | July 23, 2021

After the Bell | July 23, 2021 Midwest rainfall prospects send grain futures lower for week, hogs at one-month high on firm pork.

Friday Wrap-up | July 23, 2021

Davis Michaelsen and Editor Brian Grete discuss this week's market action...

p4 Conservation Funds
GFN: Climate conscious farmers leading the way

Most farmers don’t need an incentive to do the right thing, says guest blogger Gabriel Carballal.

First Thing Today Audio | July 23, 2021

Temps cool in Canada but dryness remains, China's soybean imports are expected to slow in the second half of the year and GOP leaders say they will oppose efforts to increase government borrowing limits...

Likely Enough Votes in Senate Next Week to Clear Physical Infrastructure Measure

More WHIP+ aid focus next week | GOP has concerns about CRP sweetener