Midweek Cash Markets | May 11, 2022
The national average corn basis firmed 2 3/4 cents to a dime above July futures. The national average cash corn price slipped 3 cents to $7.98 1/2.
Basis is slightly weaker than the three-year average of 11 1/4 cents above futures.
The national average soybean basis firmed 9 3/4 cents over the past week to 27 cents above July futures. The national average cash price dropped 24 cents on the week to $16.33 3/4.
Basis is much stronger than the three-year average of 3 3/4 cents above futures.
The national average soft red winter (SRW) wheat basis firmed 4 cents to stand 42 3/4 cents under July futures. The average cash price firmed 40 1/2 cents to $10.70 1/4. SRW basis is much weaker than the three-year average of 10 1/4 cents under futures.
The national average hard red winter (HRW) wheat basis inched 1/2 cent higher to 54 cents below July futures. The average cash price firmed 77 3/4 cents to $11.46 1/2. HRW basis is much weaker than the three-year average of 21 3/4 cents under futures.
Cash cattle trade averaged $143.42 last week, up 8 cents from the previous week. This week’s cash trade started at basically steady prices with week-ago. Last year at this time, the cash price was $119.73.
Choice boxed beef prices dropped $4.66 over the past week to $255.08. Last year, Choice boxed beef prices were $315.08.
The average lean hog carcass price firmed 48 cents over the past week to $99.93. Last year’s lean carcass price on this date was $109.98.
The pork cutout value dropped $4.34 over the past week to $99.49. Last year at this time, the cutout price stood at $112.21.