Midweek Cash Markets | February 23, 2022

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CORN COMMENTS

The national average corn basis held at 2 1/2 cents above March futures. The national average cash corn price firmed 36 3/4 cents to $6.86 1/4.

Basis is virtually in line with the three-year average of 3 1/4 cents above futures.

SOYBEAN COMMENTS

The national average soybean basis firmed 1 3/4 cents over the past week to stand 1 3/4 cents below March futures. The national average cash price surged 89 1/4 cents on the week to $16.73 1/4.

Basis is better than the three-year average of 9 cents under futures.

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis held at 23 3/4 cents under March futures. The average cash price surged 95 1/2 cents to $8.52 1/4. SRW basis is much weaker than the three-year average of 1 1/4 cents under futures.

The national average hard red winter (HRW) wheat basis firmed 1/4 cent to 20 cents below March futures. The average cash price surged $1.05 3/4 to $8.93 1/2. HRW basis is slightly better than the three-year average of 25 1/2 cents under futures.

CATTLE COMMENTS

Cash cattle trade averaged $142.36 last week, up $1.88 from the previous week. This week’s cash trade has been slow to start, but initial prices have been roughly $2 higher. Last year at this time, the cash price was $114.07.

Choice boxed beef prices dropped another $8.74 over the past week to $260.88. Last year, Choice boxed beef prices were $240.75.

HOG COMMENTS

The average lean hog carcass price firmed another $4.81 over the past week to $98.16. Last year’s lean carcass price on this date was $79.13.

The pork cutout value firmed $2.60 over the past week to $109.12. Last year at this time, the cutout price stood at $90.67.