Midweek Cash Markets | May 4, 2022

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CORN COMMENTS

The national average corn basis firmed 6 1/4 cents to stand 7 1/4 cents above July futures. The national average cash corn price dropped 11 3/4 cents to $8.01 1/2.

Basis is slightly weaker than the three-year average of 8 1/4 cents above futures.

SOYBEAN COMMENTS

The national average soybean basis firmed 22 3/4 cents over the past week to 17 1/4 cents above July futures. The national average cash price fell 29 1/2 cents on the week to $16.57 3/4.

Basis is stronger than the three-year average of 3 1/4 cents above futures.

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis firmed 5 3/4 cents to stand 46 3/4 cents under July futures. The average cash price dropped 9 cents to $10.29 3/4. SRW basis is much weaker than the three-year average of 8 1/2 cents under futures.

The national average hard red winter (HRW) wheat basis fell 2 1/2 cents to stand 54 1/2 cents below July futures. The average cash price dropped 33 1/4 cents to $10.68 3/4. HRW basis is much weaker than the three-year average of 26 cents under futures.

CATTLE COMMENTS

Cash cattle trade averaged $143.34 last week, up 32 cents from the previous week. This week’s cash trade started at roughly steady prices with week-ago. Last year at this time, the cash price was $118.36.

Choice boxed beef prices dropped $2.17 over the past week to $259.74. Last year, Choice boxed beef prices were $304.78.

HOG COMMENTS

The average lean hog carcass price dropped 96 cents over the past week to $99.45. Last year’s lean carcass price on this date was $110.10.

The pork cutout value dropped $1.68 over the past week to $103.83. Last year at this time, the cutout price stood at $110.19.