Midweek Cash Markets | September 20, 2023

CORN COMMENTS

The national average corn basis dropped 22 1/4 cents to 20 3/4 cents under December futures. The national average cash corn price fell 22 1/4 cents to $4.61 1/2.

Basis is much weaker than the three-year average of 1 cent below futures.

SOYBEAN COMMENTS

The national average soybean basis dropped 11 1/2 cents to 13 3/4 cents under November futures. The national average cash price dropped 41 1/4 cents to $13.06 1/4.

Basis is much weaker than the three-year average of 8 3/4 cents above futures.

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis dropped 3 3/4 cents to stand 90 1/4 cents under December futures. The average cash price dropped 12 1/4 cents to $4.98 1/2. SRW basis is much weaker than the three-year average of 30 3/4 cents under futures.

The national average hard red winter (HRW) wheat basis slipped 1/2 cent to 65 3/4 cents below December futures. The average cash price dropped 27 cents to $6.52 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 $184.04 last week, up $1.76 from the previous week. Initial light cash trade in Iowa pointed to higher prices, though some cash sources have backed down from earlier predictions given falling wholesale beef prices. Last year, the cash price was $144.94.

Choice boxed beef dropped another $6.29 over the past week to $301.26. Last year at this time, Choice boxed beef prices were $249.13.

HOG COMMENTS

The average lean hog carcass price firmed 53 cents over the past week to $84.61. Last year’s lean carcass price on this date was $94.19.

The pork cutout value firmed $1.00 over the past week to $99.22. Last year at this time, the cutout price stood at $100.35.