Midweek Cash Markets | November 23, 2021

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CORN COMMENTS

The national average corn basis firmed 2 3/4 cents over the past week to 3 1/4 cents under December futures. The national average cash corn price firmed 9 cents to $5.74 3/4.

Basis is better than the three-year average of 1/4 cent under futures.

 

SOYBEAN COMMENTS

The national average soybean basis firmed 4 1/4 cents over the past week to 8 1/4 cents above January futures. The national average cash price firmed 1/4 cent on the week to $12.81 1/4.

Basis is much better than the three-year average of 18 3/4 cents under futures.

 

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis inched 1/4 cent higher to 32 1/2 cents under December futures. The average cash price firmed 34 cents to $8.23 1/2. SRW basis is much weaker than the three-year average of 9 1/2 cents under futures.

The national average hard red winter (HRW) wheat basis inched 1/4 higher to 22 1/4 cents below December futures. The average cash price firmed 45 cents to $8.56 1/2. HRW basis is better than the three-year average of 29 3/4 cents under futures.

 

CATTLE COMMENTS

Cash cattle trade averaged $133.11 last week, up $1.64 from the previous week. This week’s cash trade started around $136 in the South and $137 in the northern market, though initial takers at that level were limited amid expectations packers will continue to raise bids, as they’ve done the past several weeks.  Last year at this time, the cash price was $109.57.

Choice boxed beef prices firmed 17 cents over the past week to $278.64. Last year, Choice boxed beef prices were $235.84.

 

HOG COMMENTS

The average lean hog carcass price dropped $3.13 over the past week to $73.15. Last year's lean carcass price on this date was $69.32.

The pork cutout value firmed 40 cents over the past week to $84.92. Last year at this time, the cutout price stood at $76.62.

 

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