Midweek Cash Markets | April 26, 2023

CORN COMMENTS

The national average corn basis dropped 4 1/4 cents but remained 40 cents above July futures. The national average cash corn price dropped 39 3/4 cent to $6.41.

Basis is much better than the three-year average of 11 3/4 cents above futures.

SOYBEAN COMMENTS

The national average soybean basis dropped 8 1/4 cents but remained 29 1/2 cents above July futures. The national average cash price dropped 72 1/4 cents to $14.44 1/4.

Basis is better than the three-year average of 20 1/2 cents above futures.

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis fell 7 1/2 cents to 55 cents under July futures. The average cash price dropped 47 1/4 cents to $5.87. SRW basis is much weaker than the three-year average of 21 1/4 cents under futures.

The national average hard red winter (HRW) wheat basis firmed 8 1/2 cents to 31 1/2 cents below July futures. The average cash price dropped 58 cents to $7.51 3/4. HRW basis is a little better than the three-year average of 35 cents under futures.

CATTLE COMMENTS

Cash cattle trade averaged $178.57 last week, down $1.87 from the previous week’s all-time high. Cash cattle are expected to trade about steady, though some cash sources feel prices will be higher and others believe they will drop. Last year, the cash price was $143.34.

Choice boxed beef firmed another $3.32 over the past week to $309.24. Last year at this time, Choice boxed beef prices were $261.91.

HOG COMMENTS

The average lean hog carcass price dropped 54 cents over the past week to $69.16. Last year’s lean carcass price on this date was $99.45.

The pork cutout value firmed $1.56 over the past week to $78.37. Last year at this time, the cutout price stood at $105.51.