Midweek Cash Markets -- Corn, Soybean Basis Stays Strong Amid Rallying Futures

Posted on Wed, 01/06/2021 - 16:09

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CORN COMMENTS

The national average corn basis slipped 1/4 cent over the past week but is still 8 3/4 cents above March futures. The national average cash corn price firmed 28 3/4 cents to $5.03 3/4.

Basis is much better than the three-year average, which is 2 3/4 cents below futures.

 

SOYBEAN COMMENTS

The national average soybean basis firmed 2 cents over the past week to 2 1/2 cents above March futures. The national average cash price surged another 68 cents on the week to $13.64.

Basis is much better than the three-year average of 25 1/4 cents under futures.

 

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis firmed 5 1/2 cents over the past week to 14 1/2 cents under March futures, though many locations aren’t giving a bid for spot delivery. The average cash price firmed 35 3/4 cents to $6.34. SRW basis is weaker than the three-year average of 1 3/4 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 18 1/2 cents over the past week to $5.71 3/4. HRW basis is much better than the three-year average of 40 cents under futures.

 

CATTLE COMMENTS

Cash cattle trade averaged $111.51 last week, up $2.32 from the previous week. Cash cattle are expected to trade higher again this week. Last year, the cash price was $124.21.

Choice boxed beef prices dropped $5.03 over the past week to $205.27. Last year, Choice boxed beef prices were $208.25.

 

HOG COMMENTS

The average lean hog carcass price firmed $2.49 over the past week to $62.42. Last year's lean carcass price on this date was $57.73.

The pork cutout value firmed $4.45 over the past week to $75.44. Last year at this time, the cutout price stood at $73.41.