CORN COMMENTS
The national average corn basis dropped 8 1/2 cents but remained 36 cents above July futures. The national average cash corn price fell 41 1/4 cents to $5.97 1/4.
Basis is much better than the three-year average of 13 3/4 cents above futures.
SOYBEAN COMMENTS
The national average soybean basis slipped 1 cent but remained 29 1/2 cents above July futures. The national average cash price dropped 68 cents to $13.66 1/2.
Basis is better than the three-year average of 21 1/2 cents above futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis held at 53 3/4 cents under July futures. The average cash price dropped 16 cents to $5.71 3/4. SRW basis is much weaker than the three-year average of 21 3/4 cents under futures.
The national average hard red winter (HRW) wheat basis slipped 1/2 cents to 33 1/2 cents below July futures. The average cash price firmed 29 3/4 cents to $8.52. HRW basis is in line with the three-year average of 33 1/4 cents under futures.
CATTLE COMMENTS
Cash cattle trade averaged $174.13 last week, up 20 cents from the previous week. Cash cattle are expected to trade narrowly on either side of last week’s average price. Last year, the cash price was $140.25.
Choice boxed beef fell $8.72 over the past week to $298.15. Last year at this time, Choice boxed beef prices were $260.47.
HOG COMMENTS
The average lean hog carcass price firmed $2.42 over the past week to $74.88. Last year’s lean carcass price on this date was $102.02.
The pork cutout value firmed $1.33 over the past week to $83.07. Last year at this time, the cutout price stood at $98.23.