Midweek Cash Markets | May 25, 2023
CORN COMMENTS
The national average corn basis firmed 4 1/4 cents to 40 1/4 cents above July futures. The national average cash corn price firmed 30 1/4 cents to $6.27 1/2.
Basis is much better than the three-year average of 17 1/2 cents above futures.
SOYBEAN COMMENTS
The national average soybean basis slipped 2 cents but remained 27 1/2 cents above July futures. The national average cash price dropped 14 1/2 cents to $13.52.
Basis is a little better than the three-year average of 24 cents above futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis improved a penny to 52 3/4 cents under July futures. The average cash price dropped 18 1/4 cents to $5.53 1/2. SRW basis is much weaker than the three-year average of 21 cents under futures.
The national average hard red winter (HRW) wheat basis firmed 1 1/4 cents to 32 1/4 cents below July futures. The average cash price dropped 72 cents to $7.80. HRW basis is basically in line with the three-year average of 31 1/4 cents under futures.
CATTLE COMMENTS
Cash cattle trade averaged $175.15 last week, up $1.02 from the previous week. Cash cattle are expected to trade steady/firmer this week, with higher prices noted in the northern market. Last year, the cash price was $139.07.
Choice boxed beef firmed 15 cents over the past week to $298.30. Last year at this time, Choice boxed beef prices were $262.93.
HOG COMMENTS
The average lean hog carcass price firmed $2.72 over the past week to $77.60. Last year’s lean carcass price on this date was $103.61.
The pork cutout value dropped $2.20 over the past week to $80.87. Last year at this time, the cutout price stood at $107.07.
