Midweek Cash Markets | February 9, 2022
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CORN COMMENTS
The national average corn basis dropped a penny over the past week but remains 1 3/4 cents above March futures. The national average cash corn price firmed 23 1/4 cents to $6.48 1/2.
Basis is virtually in line with the three-year average of 2 1/4 cent above futures.
SOYBEAN COMMENTS
The national average soybean basis dropped 1/2 cent over the past week to 1 1/4 cents below March futures. The national average cash price surged another 57 1/4 cents on the week to $16.01 3/4.
Basis is much better than the three-year average of 13 3/4 cents under futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis firmed 6 1/4 cents to 23 3/4 cents under March futures. The average cash price firmed 36 1/4 cents to $7.61 1/4. SRW basis is much weaker than the three-year average of 4 1/2 cent under futures.
The national average hard red winter (HRW) wheat basis dropped 9 1/4 cents to 30 3/4 cents below March futures. The average cash price firmed 46 1/4 cents to $7.94 1/4. HRW basis is slightly weaker than the three-year average of 27 1/2 cents under futures.
CATTLE COMMENTS
Cash cattle trade averaged $139.76 last week, up $2.81 from the previous week. This week’s cash trade started at generally steady to slightly firmer prices than last week. Last year at this time, the cash price was $113.83.
Choice boxed beef prices dropped $7.36 over the past week to $275.79. Last year, Choice boxed beef prices were $233.02.
HOG COMMENTS
The average lean hog carcass price firmed $3.93 over the past week to $87.22. Last year’s lean carcass price on this date was $71.74.
The pork cutout value firmed $8.40 over the past week to $104.84. Last year at this time, the cutout price stood at $85.19.
