Midweek Cash Markets -- July 29, 2020

Posted on Wed, 07/29/2020 - 15:54

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CORN COMMENTS

The national average corn basis dropped 3 cents over the past week but is still 1 1/2 cents above September futures. The national average cash corn price fell 15 cents to $3.17.

Basis is better than the three-year average, which is 7 1/4 cents below futures.

 

SOYBEAN COMMENTS

The national average soybean basis dropped 3 3/4 cents over the past week to 6 1/4 cents below August futures. The national average cash price dropped 11 1/2 cents on the week to $8.85 1/4.

Basis is better than the three-year average of 19 1/2 cents under futures.

 

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis dropped 4 1/4 cents over the past week to 1 1/4 cents below September futures. The average cash price dropped 6 cents to $5.31 1/2. SRW basis is slightly better than the three-year average of 3 1/4 cents below futures.

The national average hard red winter (HRW) wheat basis dropped 1 3/4 cents over the past week to 27 3/4 cents below September futures. The average cash price dropped 4 1/2 cents over the past week to $4.18. HRW basis is better than the three-year average of 38 1/4 cents under futures.

 

CATTLE COMMENTS

Cash cattle trade averaged $97.24 last week, up 88 cents from the previous week. Cash cattle trade is expected to be steady to mildly firmer again this week. Last year, the cash price was $113.82.

Choice boxed beef prices slipped 4 cents over the past week to $201.11. Last year, Choice boxed beef prices were $213.54.

 

HOG COMMENTS

The average lean hog carcass price firmed $3.54 over the past week to $52.97. Last year's lean carcass price on this date was $83.41.

The pork cutout value dropped 15 cents over the past week to $67.30. Last year at this time, the cutout price stood at $80.08.