Midweek Cash Markets | August 3, 2022

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CORN COMMENTS

The national average corn basis dropped 16 cents but remained 70 1/4 cents above September futures. The national average cash corn price dropped 24 3/4 cents to $6.61 3/4.

Basis is much better than the three-year average of 31 3/4 cents above futures.

SOYBEAN COMMENTS

The national average soybean basis dropped 28 cents but remained $1.26 1/2 above November futures. The national average cash price dropped 68 1/4 cents to $14.96 1/4.

Basis is much better than the three-year average of 13 cents above futures.

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis firmed 1/2 cent to 41 1/2 cents under September futures. The average cash price dropped 26 cents to $7.22 1/4. 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 held at 44 1/2 cents below September futures. The average cash price fell 26 1/4 cents to $7.91. HRW basis is much weaker than the three-year average of 23 1/2 cents under futures.

CATTLE COMMENTS

Cash cattle trade averaged $139.83 last week, down $1.29 from the previous week. This week’s cash trade started at higher levels, with prices ranging from steady to $3 higher. Last year at this time, the cash price was $123.83.

Choice boxed beef slipped a nickel over the past week to $267.94. Last year, Choice boxed beef prices were $289.34.

HOG COMMENTS

The average lean hog carcass price firmed $1.65 over the past week to $118.94. Last year’s lean carcass price on this date was $106.89.

The pork cutout value fell $1.30 over the past week to $125.49. Last year at this time, the cutout price stood at $122.99.