Midweek Cash Markets | September 28, 2022

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CORN COMMENTS

The national average corn basis dropped another 11 1/2 cents and is now 2 cents below December futures. The national average cash corn price dropped 26 1/2 cents to $6.68 1/2.

Basis is slightly better than the three-year average of 6 1/2 cents under futures.

SOYBEAN COMMENTS

The national average soybean basis dropped 28 cents but remained 12 3/4 cents above November futures. The national average cash price plunged 80 1/2 cents to $14.21 1/2.

Basis is much better than the three-year average of 21 3/4 cents under futures.

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis inched 1/4 cent higher to 42 1/2 cents under December futures. The average cash price slipped 1/4 cent to $8.60 3/4. SRW basis is much weaker than the three-year average of 17 1/4 cents under futures.

The national average hard red winter (HRW) wheat basis weakened 1 1/2 cents to 42 1/2 cents below December futures. The average cash price firmed 7 1/2 cents to $9.33 1/2. HRW basis is weaker than the three-year average of 30 cents under futures.

CATTLE COMMENTS

Cash cattle trade averaged $144.94 last week, up $1.75 from the previous week. This week’s cash trade is expected to be steady to a little weaker. Last year, the cash price was $122.56.

Choice boxed beef fell $1.58 over the past week to $247.55. Last year, Choice boxed beef prices were $297.33.

HOG COMMENTS

The average lean hog carcass price dropped $2.04 over the past week to $94.19. Last year’s lean carcass price on this date was $88.42.

The pork cutout value firmed 42 cents over the past week to $100.77. Last year at this time, the cutout price stood at $115.11.