Midweek Cash Markets -- Strong Corn, Soybean Basis as Futures Prices Rise

Posted on Wed, 12/23/2020 - 09:17

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CORN COMMENTS

The national average corn basis firmed 1 1/2 cents over the past week to 7 3/4 cents above March futures. The national average cash corn price firmed 17 3/4 cents to $4.51 1/4.

Basis is much better than the three-year average, which is 10 3/4 cents below futures.

 

SOYBEAN COMMENTS

The national average soybean basis slipped 1/4 cent over the past week but remains a penny above January futures. The national average cash price surged 63 1/4 cents on the week to $12.48 1/4.

Basis is much better than the three-year average of 22 cents under futures.

 

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis dropped 2 3/4 cents over the past week to 22 3/4 cents under March futures. The average cash price firmed 15 3/4 cents to $5.94 1/4. SRW basis is much weaker than the three-year average of 7 1/4 cents below futures.

The national average hard red winter (HRW) wheat basis held at 31 3/4 cents below March futures. The average cash price firmed 17 3/4 cents over the past week to $5.47 1/2. HRW basis is better than the three-year average of 70 1/2 cents under futures.

 

CATTLE COMMENTS

Cash cattle trade averaged $106.12 last week, down 63 cents from the previous week. Cash cattle are expected to trade about steady this week. Last year, the cash price was $122.28.

Choice boxed beef prices firmed $3.45 over the past week to $210.67. Last year, Choice boxed beef prices were $210.15.

 

HOG COMMENTS

The average lean hog carcass price dropped another $2.93 over the past week to $62.04. Last year's lean carcass price on this date was $59.12.

The pork cutout value dropped $6.82 over the past week to $66.87. Last year at this time, the cutout price stood at $76.45.