Midweek Cash Markets -- Corn Basis Firms, Bean Basis Slips Fractionally

Posted on Wed, 11/18/2020 - 16:04

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CORN COMMENTS

The national average corn basis firmed 3 3/4 cents over the past week to 1/4 cent above December futures. The national average cash corn price firmed 12 1/4 cents to $4.26.

Basis is better than the three-year average, which is 5 1/4 cents below futures.

 

SOYBEAN COMMENTS

The national average soybean basis slipped 3/4 cent over the past week to 5 3/4 cents below January futures. The national average cash price firmed 27 1/2 cents on the week to $11.75.

Basis is much better than the three-year average of 26 3/4 cents under futures.

 

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis firmed 1/4 cent to 14 3/4 cents under December futures. The average cash price held at $5.83. SRW basis is weaker than the three-year average of 6 1/4 cents below futures.

The national average hard red winter (HRW) wheat basis firmed 2 3/4 cents to 31 1/2 cents below December futures. The average cash price firmed 4 1/4 cents over the past week to $5.26 1/4. HRW basis is better than the three-year average of 39 1/2 cents under futures.

 

CATTLE COMMENTS

Cash cattle trade averaged $109.62 last week, up $3.29 from the previous week. Cash cattle are expected to trade higher again this week. Last year, the cash price was $115.96.

Choice boxed beef prices surged another $13.00 over the past week to $235.84. Last year, Choice boxed beef prices were $238.21.

 

HOG COMMENTS

The average lean hog carcass price dropped $1.93 over the past week to $69.32. Last year's lean carcass price on this date was $59.58

The pork cutout value dropped $6.01 over the past week to $76.22. Last year at this time, the cutout price stood at $86.43.