Midweek Cash Markets | June 2, 2021
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.
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.
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.
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.
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.