Midweek Cash Markets | Wheat basis weakens as harvest picks up

Basis is better than average for SRW, but well below average for HRW.

ProFarmer - Midweek Cash Markets.jpg
Pro Farmer Midweek Cash Markets
(Lindsey Pound)

CORN COMMENTS

The national average corn basis firmed 7 3/4 cents to 16 cents above September futures. The national average cash corn price firmed a penny to $4.15 1/4.

Basis remains much weaker than the three-year average of 50 1/2 cents above futures.

SOYBEAN COMMENTS

The national average soybean basis improved 2 1/2 cents to 1/2 cent above November futures. The national average cash price dropped 17 1/2 cents to $10.07 3/4.

Basis remains much weaker than the three-year average of 25 cents above futures.

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis dropped 1 3/4 cents to 35 cents below September futures. The average cash price dropped 3 3/4 cents to $5.12. SRW basis is better than the three-year average of 44 1/2 cents under futures.

The national average hard red winter (HRW) wheat basis dropped 5 1/4 cents to 67 cents below September futures. The average cash price dropped 11 1/2 cents to $4.57. HRW basis is much weaker than the three-year average of 45 3/4 cents under futures.

CATTLE COMMENTS

Cash cattle trade averaged $229.43 last week, down 8 cents from the previous week. Cash cattle are expected to trade about steady again this week. Last year, the cash price was $194.24.

Choice boxed beef dropped $9.15 over the past week to $386.45. Last year at this time, Choice boxed beef prices stood at $324.05.

HOG COMMENTS

The average lean hog carcass price firmed $1.90 over the past week to $111.43. Last year’s lean carcass price on this date was $86.47.

The pork cutout value dropped 24 cents over the past week to $112.06. Last year at this time, the cutout price stood at $94.32.