Midweek Cash Markets | May 18, 2022

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CORN COMMENTS

The national average corn basis firmed 1 1/4 cents over the past week to 11 1/4 cents above July futures. The national average cash corn price dropped 5 3/4 cents to $7.92 3/4.

Basis is slightly better than the three-year average of 7 3/4 cents above futures.

SOYBEAN COMMENTS

The national average soybean basis firmed 6 cents over the past week to 33 cents above July futures. The national average cash price firmed 62 cents on the week to $16.95 3/4.

Basis is much stronger than the three-year average of 1 3/4 cents below futures.

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis dropped a dime to stand 52 3/4 cents under July futures. The average cash price firmed $1.07 3/4 to $11.78. SRW basis is much weaker than the three-year average of 9 1/4 cents under futures.

The national average hard red winter (HRW) wheat basis dropped 2 cents to 56 cents below July futures. The average cash price firmed $1.22 to $12.68 1/2. HRW basis is much weaker than the three-year average of 20 1/4 cents under futures.

CATTLE COMMENTS

Cash cattle trade averaged $142.44 last week, down 98 cents from the previous week. This week’s cash trade has been at mostly around $2 lower. Last year at this time, the cash price was $119.72.

Choice boxed beef prices firmed $5.39 over the past week to $260.47. Last year, Choice boxed beef prices were $323.38.

HOG COMMENTS

The average lean hog carcass price dropped $1.70 over the past week to $98.23. Last year’s lean carcass price on this date was $110.25.

The pork cutout value firmed $4.12 over the past week to $103.61. Last year at this time, the cutout price stood at $116.45.