Midweek Cash Markets | March 22, 2023
CORN COMMENTS
The national average corn basis firmed 1 1/4 cents to 19 1/4 cents above May futures. The national average cash corn price firmed 8 1/4 cents to $6.52 3/4.
Basis is much better than the three-year average of 2 3/4 cents under futures.
SOYBEAN COMMENTS
The national average soybean basis firmed 2 1/4 cents to 15 3/4 cents above May futures. The national average cash price dropped 38 1/2 cents to $14.64 1/4.
Basis is much better than the three-year average of 1 1/2 cent above futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis firmed 1/4 cent to 51 1/4 cents under May futures. The average cash price dropped 39 cents to $6.12 1/4. SRW basis is much weaker than the three-year average of 28 1/4 cents under futures.
The national average hard red winter (HRW) wheat basis held at 39 1/2 cents below May futures. The average cash price dropped 8 1/2 cents to $7.71 3/4. HRW basis is better than the three-year average of 43 cents under futures.
CATTLE COMMENTS
Cash cattle trade averaged $164.17 last week, down $1.23 from the previous week. Cash cattle started trading around $1 lower in the Southern Plains. Last year, the cash price was $138.95.
Choice boxed beef dropped $2.97 over the past week to $281.30. Last year at this time, Choice boxed beef prices were $261.61.
HOG COMMENTS
The average lean hog carcass price dropped $1.14 over the past week to $76.98. Last year’s lean carcass price on this date was $102.13.
The pork cutout value dropped $6.52 over the past week to $79.86. Last year at this time, the cutout price stood at $106.40.
