Midweek Cash Markets | June 8, 2022

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CORN COMMENTS

The national average corn basis firmed 7 cents over the past week to 21 1/2 cents above July futures. The national average cash corn price firmed 40 1/4 cents to $7.86.

Basis is better than the three-year average of 9 1/2 cents above futures.

SOYBEAN COMMENTS

The national average soybean basis fell 11 cents over the past week but is still 21 3/4 cents above July futures. The national average cash price firmed 38 3/4 cents to $17.61 3/4.

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

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis held at 51 1/4 cents under July futures. The average cash price firmed 33 1/2 cents to $10.23 1/2. SRW basis is much weaker than the three-year average of 2 1/4 cents under futures.

The national average hard red winter (HRW) wheat basis firmed 1/2 cent to 52 1/2 cents below July futures. The average cash price firmed 27 1/4 cents to $11.02 1/2. HRW basis is much weaker than the three-year average of 19 1/2 cents under futures.

CATTLE COMMENTS

Cash cattle trade averaged $138.07 last week, down $1.00 from the previous week. This week’s cash trade started around $1 higher, though prices could increase from that level. Last year at this time, the cash price was $120.03.

Choice boxed beef prices firmed $4.32 over the past week to $271.72. Last year, Choice boxed beef prices were $338.65.

HOG COMMENTS

The average lean hog carcass price firmed $2.07 over the past week to $105.68. Last year’s lean carcass price on this date was $120.13.

The pork cutout value decline $5.55 over the past week to $104.47. Last year at this time, the cutout price stood at $134.38.