Midweek Cash Markets | September 1, 2021
The national average corn basis fell 40 1/2 cents over the past week on the rollover to the December contract but remains 23 1/4 cents above futures. The national average cash corn price plunged 69 1/2 cents to $5.46.
Basis is still much better than the three-year average, which is 4 1/2 cents under futures.
The national average soybean basis fell 24 1/2 cents but to 6 1/4 cents above November futures. The national average cash price plunged 79 1/2 cents on the week to $12.84.
Basis is still much better than the three-year average of 27 cents under futures.
The national average soft red winter (SRW) wheat basis dropped 7 1/2 cents to 31 cents under futures on the rollover to the December contract and shipping disruptions at the Gulf. The average cash price dropped 4 1/2 cents to $6.83 1/4. SRW basis is much weaker than the three-year average of 1 1/4 cents under futures.
The national average hard red winter (HRW) wheat basis dropped 9 1/2 cents to 28 1/4 cents below futures on the rollover to the December contract. The average cash price fell 7 1/2 cents to $6.75 3/4. HRW basis is weaker than the three-year average of 26 1/2 cents under futures.
Cash cattle trade averaged $125.74 last week, up 27 cents from the previous week. This week’s trade has been slow to get started, but we anticipate steady to lower prices as packers tend to be quiet ahead of holidays and reassess their needs after returning. Last year at this time, the cash price was $105.09.
Choice boxed beef prices fell $8.44 over the past week to $338.45. Last year, Choice boxed beef prices were $231.45.
The average lean hog carcass price dropped $3.67 over the past week to $102.67. Last year's lean carcass price on this date was $56.86.
The pork cutout value dropped $3.70 over the past week to $106.54. Last year at this time, the cutout price stood at $72.89.