CORN COMMENTS
The national average corn basis firmed 3 cents to 8 1/4 cents under December futures. The national average cash corn price dropped 2 1/4 cents to $4.62 1/2.
Basis is weaker than the three-year average of 2 3/4 cents above futures.
SOYBEAN COMMENTS
The national average soybean basis firmed 2 1/4 cents to 7 1/4 cents under January futures. The national average cash price firmed 21 1/2 cents to $13.77 3/4.
Basis is weaker than the three-year average of 9 cents above futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis dropped 2 cents to 65 cents under December futures. The average cash price fell 33 3/4 cents to $4.95 1/2. SRW basis is much weaker than the three-year average of 30 cents under futures.
The national average hard red winter (HRW) wheat basis dropped a nickel to 63 3/4 cents below December futures. The average cash price declined 15 1/4 cents to $5.76. HRW basis is much weaker than the three-year average of 32 cents under futures.
CATTLE COMMENTS
Cash cattle trade averaged $179.91 last week, down $4.98 from the previous week. Cash cattle negotiations are at a standstill, with bids and asking prices far apart. Most cash sources don’t anticipate significant trade prior to Friday afternoon’s Cattle on Feed Report unless packers raise bids. Last year, the cash price was $152.89.
Choice boxed beef dropped another $2.42 over the past week to $296.33. Last year at this time, Choice boxed beef prices were $257.09.
HOG COMMENTS
The average lean hog carcass price firmed 6 cents over the past week to $74.41. Last year’s lean carcass price on this date was $84.93.
The pork cutout value firmed 24 cents over the past week to $86.82. Last year at this time, the cutout price stood at $93.63.