Midweek Cash Markets -- May 20, 2020

Posted on Wed, 05/20/2020 - 16:24

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CORN COMMENTS

The national average corn basis firmed 8 1/2 cents over the past week to 1/2 cent above July futures. The national average cash corn price firmed a dime to $3.20.

Basis is better than the three-year average, which is 8 cents below futures.

 

SOYBEAN COMMENTS

The national average soybean basis firmed 5 1/2 cents over the past week to 1 1/4 cents below July futures. The national average cash price firmed 11 3/4 cents on the week to $8.45 1/2.

Basis is much better than the three-year average of 24 cents under futures.

 

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis dropped 1 3/4 cents over the past week to 5 1/4 cents below July futures. The average cash price firmed 10 1/4 cents to $5.08 1/2. SRW basis is slightly weaker than the three-year average of 3 cents below futures.

The national average hard red winter (HRW) wheat basis firmed 4 1/4 cents over the past week to 24 1/2 cents below July futures. The average cash price firmed 3 1/4 cents over the past week to $4.28 3/4. HRW basis is much stronger than the three-year average of 42 1/4 cents under futures.

 

CATTLE COMMENTS

Cash cattle trade averaged $112.31 last week, up $7.81 from the previous week. We expect cash cattle prices to firm again this week as slaughter capacity increases. Last year, the cash price was $115.78.

Choice boxed beef prices plunged $61.95 over the past week to a still-strong $404.04. Last year, Choice boxed beef prices were $219.75.

 

HOG COMMENTS

The average lean hog carcass price dropped $1.91 over the past week to $65.98. Last year's lean carcass price on this date was $84.39.

The pork cutout value dropped $17.08 over the past week to $98.94. Last year at this time, the cutout price stood at $85.11.