Midweek Cash Markets -- Corn and Soybean Basis Continues to Strengthen

Posted on Wed, 04/07/2021 - 15:55

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CORN COMMENTS

The national average corn basis firmed 3 cents over the past week to 11 1/2 cents above May futures. The national average cash corn price firmed 1 1/4 cents to $5.49.

Basis is much better than the three-year average, which is 5 cents under futures.

 

SOYBEAN COMMENTS

The national average soybean basis firmed 6 1/4 cents over the past week to 19 1/2 cents above May futures. The national average cash price firmed 48 1/4 cents on the week to $14.28 1/4.

Basis is much better than the three-year average of 21 1/4 cents under futures.

 

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis held at 15 cents below May futures. Many locations are no longer giving a bid for spot delivery. The average cash price firmed 14 1/2 cents to $6.01 1/4. SRW basis is weaker than the three-year average of 7 1/4 cents under futures.

The national average hard red winter (HRW) wheat basis firmed 1/2 cent over the past week to 27 3/4 cents below May futures. The average cash price firmed 5 1/4 cents to $5.35 1/2. HRW basis is slightly better than the three-year average of 30 cents under futures.

 

CATTLE COMMENTS

Cash cattle trade averaged $118.08 last week, up $2.89 from the previous week. This week’s cash cattle trade started in the $120 area in the Southern Plains but has firmed from there. Last year, the cash price was $111.08.

Choice boxed beef prices surged another $21.48 over the past week to $266.31. Aside from the Covid-induced surge in prices last year, that’s the highest ever, eclipsing the May 2015 peak. Last year, Choice boxed beef prices were $235.17.

 

HOG COMMENTS

The average lean hog carcass price firmed another $2.43 over the past week to $100.47. Last year's lean carcass price on this date was $64.46.

The pork cutout value firmed $4.04 over the past week to $109.34. Last year at this time, the cutout price stood at $53.70.