Midweek Cash Markets | March 8, 2023

CORN COMMENTS

The national average corn basis dropped 3 1/4 cents but remained 15 1/2 cents above March futures. The national average cash corn price dropped 13 1/2 cents to $6.41.

Basis is much better than the three-year average of 1 3/4 cents under futures.

SOYBEAN COMMENTS

The national average soybean basis firmed 9 1/4 cents to 17 1/2 cents above March futures. The national average cash price firmed 32 3/4 cents to $15.35 1/4.

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 held at 51 3/4 cents under March futures. The average cash price fell 22 1/2 cents to $6.35 3/4. SRW basis is better than the three-year average of 55 1/2 cents under futures.

The national average hard red winter (HRW) wheat basis dropped 3 1/4 cents to 39 1/2 cents below March futures. The average cash price dropped 19 1/4 cents to $7.60 3/4. HRW basis is better than the three-year average of 53 cents under futures.

CATTLE COMMENTS

Cash cattle trade averaged $165.02 last week, up $1.30 from the previous week. Cash cattle are expected to trade higher again this week. Last year, the cash price was $138.30.

Choice boxed beef dropped $3.05 over the past week to $284.78. Last year at this time, Choice boxed beef prices were $252.70.

HOG COMMENTS

The average lean hog carcass price firmed $1.02 over the past week to $77.38. Last year’s lean carcass price on this date was $98.77.

The pork cutout value firmed $3.30 over the past week to $87.66. Last year at this time, the cutout price stood at $107.74.