Midweek Cash Markets -- Soybean, Corn Basis Supported By Strong Chinese Demand

Posted on Wed, 09/16/2020 - 16:09

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CORN COMMENTS

The national average corn basis firmed 3/4 cent over the past week to 6 1/2 cents below December futures. The national average cash corn price firmed 12 1/4 cents to $3.65 1/4.

Basis is better than the three-year average, which is 19 1/2 cents below futures.

 

SOYBEAN COMMENTS

The national average soybean basis firmed 4 cents over the past week to a penny below November futures. The national average cash price firmed 36 1/2 cents on the week to $10.10 1/4.

Basis is much better than the three-year average of 42 3/4 cents under futures.

 

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis dropped 6 3/4 cents over the past week to 13 1/2 cents under December futures. The average cash price dropped 8 1/2 cents to $5.28 1/2. SRW basis is still slightly better than the three-year average of 15 cents below futures.

The national average hard red winter (HRW) wheat basis held at 33 1/2 cents below December futures. The average cash price firmed 4 cents over the past week to $4.41 1/2. HRW basis is much better than the three-year average of 52 3/4 cents under futures.

 

CATTLE COMMENTS

Cash cattle trade averaged $101.21 last week, down $1.91 from the previous week. Initial cash cattle trade started in the $102 to $103 range in the Southern Plains. Last year, the cash price was $101.92.

Choice boxed beef prices dropped $7.57 over the past week to $215.38. Last year, Choice boxed beef prices were $218.24.

 

HOG COMMENTS

The average lean hog carcass price firmed 50 cents over the past week to $62.42. Last year's lean carcass price on this date was $56.76.

The pork cutout value firmed $3.25 over the past week to $82.57. Last year at this time, the cutout price stood at $71.54.