Midweek Cash Markets | July 6, 2022
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CORN COMMENTS
The national average corn basis dropped 8 1/4 cents but remains 47 1/2 cents above September futures. The national average cash corn price fell 72 1/2 cents to $6.47 1/4.
Basis is better than the three-year average of 35 1/2 cents above futures.
SOYBEAN COMMENTS
The national average soybean basis firmed 8 3/4 cents to stand 47 1/2 cents above August futures. The national average cash price plunged $1.16 1/4 to $14.94.
Basis is much better than the three-year average of 4 3/4 cents above futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis firmed 15 cents to 49 1/2 cents under September futures. The average cash price dropped 64 1/2 cents to $7.55. SRW basis is much weaker than the three-year average of 5 1/4 cents under futures.
The national average hard red winter (HRW) wheat basis firmed 5 1/4 cents to 43 3/4 cents below September futures. The average cash price fell 70 1/4 cents to $8.07 3/4. HRW basis is much weaker than the three-year average of 23 3/4 cents under futures.
CATTLE COMMENTS
Cash cattle trade averaged $146.16 last week, up $1.61 from the previous week. This week’s cash trade has been slow to establish, with prices likely to be steady to firmer when trade occurs. Last year at this time, the cash price was $122.16.
Choice boxed beef prices firmed $3.17 over the past week to $268.05. Last year, Choice boxed beef prices were $284.90.
HOG COMMENTS
The average lean hog carcass price dropped $1.93 over the past week to $108.24. Last year’s lean carcass price on this date was $110.64.
The pork cutout value firmed $2.94 over the past week to $111.50. Last year at this time, the cutout price stood at $115.74.
