Midweek Cash Markets | October 25, 2023
CORN COMMENTS
The national average corn basis firmed 3/4 cents to 12 3/4 cents under December futures. The national average cash corn price dropped 11 1/4 cents to $4.67 1/4.
Basis is weaker than the three-year average of 5 3/4 cents under futures.
SOYBEAN COMMENTS
The national average soybean basis firmed 10 1/4 cents to 5 1/2 cents under November futures. The national average cash price dropped 12 1/2 cents to $12.82 3/4.
Basis is in line with the three-year average of 5 3/4 cents under futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis held at 74 cents under December futures. The average cash price dropped 11 3/4 cents to $4.94 1/2. SRW basis is much weaker than the three-year average of 29 3/4 cents under futures.
The national average hard red winter (HRW) wheat basis firmed 1 1/2 cents to 64 1/2 cents below December futures. The average cash price dropped 20 cents to $5.84 1/2. HRW basis is much weaker than the three-year average of 32 3/4 cents under futures.
CATTLE COMMENTS
Cash cattle trade averaged $186.15 last week, up $1.85 from the previous week. Cash cattle trade this week started around $1.00 to $2.00 lower than last week. Last year, the cash price was $151.95.
Choice boxed beef firmed $3.64 over the past week to $307.50. Last year at this time, Choice boxed beef prices were $260.86.
HOG COMMENTS
The average lean hog carcass price dropped $1.79 over the past week to $76.73. Last year’s lean carcass price on this date was $91.89.
The pork cutout value slipped 36 cents over the past week to $87.59. Last year at this time, the cutout price stood at $97.74.
