Midweek Cash Markets | May 3, 2023

Midweek Cash Comments
Midweek Cash Comments
(Pro Farmer)

CORN COMMENTS

The national average corn basis firmed 1 1/4 cents to stand 41 1/4 cents above July futures. The national average cash corn price dropped 11 1/4 cents to $6.29 3/4.

Basis is much better than the three-year average of 12 1/4 cents above futures.

 

SOYBEAN COMMENTS

The national average soybean basis firmed 1 3/4 cents to 31 1/4 cents above July futures. The national average cash price firmed 4 1/2 cents to $14.48 3/4.

Basis is better than the three-year average of 21 1/4 cents above futures.

 

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis firmed 21 1/2 cents to 33 1/2 cents under July futures. The average cash price firmed 19 1/4 cents to $6.06 1/4. SRW basis is much weaker than the three-year average of 19 3/4 cents under futures.

The national average hard red winter (HRW) wheat basis firmed 11 1/2 cents to 20 cents below July futures. The average cash price firmed 13 1/4 cents to $7.65. HRW basis is better than the three-year average of 36 1/4 cents under futures.

 

CATTLE COMMENTS

Cash cattle trade averaged $177.15 last week, down $1.42 from the previous week. Cash cattle so far this week has been steady (northern market) to $1 lower (Southern Plains). Last year, the cash price was $143.42.

Choice boxed beef slipped 15 cents over the past week to $309.09. Last year at this time, Choice boxed beef prices were $259.74.

 

HOG COMMENTS

The average lean hog carcass price firmed $1.70 over the past week to $70.86. Last year’s lean carcass price on this date was $99.93.

The pork cutout value firmed $1.70 over the past week to $80.07. Last year at this time, the cutout price stood at $103.93.

 

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