Midweek Cash Markets | January 4, 2023

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CORN COMMENTS

The national average corn basis dropped 4 cents but remained 9 3/4 cents above March futures. The national average cash corn price fell 33 cents to $6.63 1/2.

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

SOYBEAN COMMENTS

The national average soybean basis dropped 4 3/4 cents but remained 17 1/4 cents above March futures. The national average cash price dropped 27 3/4 cents to $15.00 3/4.

Basis is much better than the three-year average of 1/2 cent under futures.

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis dropped 2 3/4 cents to 31 3/4 cents under March futures. The average cash price fell 42 3/4 cents to $7.13 3/4. SRW basis is much weaker than the three-year average of 10 1/4 cents under futures.

The national average hard red winter (HRW) wheat basis firmed 1 1/2 cents to 38 3/4 cents below March futures. The average cash price fell 40 cents to $8.02. HRW basis is weaker than the three-year average of 30 cents under futures.

CATTLE COMMENTS

Cash cattle trade averaged $157.81 last week, up $1.55 from the previous week. Cash cattle are expected to trade higher again this week. Last year, the cash price was $138.41.

Choice boxed beef firmed another $2.85 over the past week to $282.89. Last year at this time, Choice boxed beef prices were $266.93.

HOG COMMENTS

The average lean hog carcass price dropped 68 cents over the past week to $78.06. Last year’s lean carcass price on this date was $74.07.

The pork cutout value dropped $2.84 over the past week to $85.83. Last year at this time, the cutout price stood at $85.92.