Midweek Cash Markets | October 4, 2023
CORN COMMENTS
The national average corn basis held at 24 1/2 cents under December futures. The national average cash corn price firmed 2 3/4 cents to $4.61 1/2.
Basis is much weaker than the three-year average of 12 3/4 cents below futures.
SOYBEAN COMMENTS
The national average soybean basis dropped 2 1/4 cents to 36 cents under November futures. The national average cash price dropped 32 1/2 cents to $12.37.
Basis is much weaker than the three-year average of 12 1/4 cents under futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis inched up 3/4 cent to stand 90 cents under December futures. The average cash price dropped 18 3/4 cents to $4.70. SRW basis is much weaker than the three-year average of 26 1/4 cents under futures.
The national average hard red winter (HRW) wheat basis dropped 1 1/4 cents to 67 cents below December futures. The average cash price dropped 29 1/4 cents to $5.99 1/2. HRW basis is much weaker than the three-year average of 34 1/4 cents under futures.
CATTLE COMMENTS
Cash cattle trade averaged $183.64 last week, down $1.09 from the previous week. Initial cash cattle trade this week came in around $1 to $2 lower. Last year, the cash price was $146.23.
Choice boxed beef dropped $4.19 over the past week to $296.76. Last year at this time, Choice boxed beef prices were $247.06.
HOG COMMENTS
The average lean hog carcass price dropped $1.12 over the past week to $83.11. Last year’s lean carcass price on this date was $90.92.
The pork cutout value dropped $3.12 over the past week to $94.64. Last year at this time, the cutout price stood at $99.29.
