Midweek Cash Markets | May 31, 2023

CORN COMMENTS

The national average corn basis firmed 1/2 cent to 40 3/4 cents above July futures. The national average cash corn price firmed 7 1/4 cents to $6.34 3/4.

Basis is much better than the three-year average of 15 3/4 cents above futures.

SOYBEAN COMMENTS

The national average soybean basis firmed 3/4 cent to 26 3/4 cents above July futures. The national average cash price dropped 25 1/2 cents to $13.26 1/2.

Basis is better than the three-year average of 17 1/4 cents above futures.

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis improved 15 3/4 cents to 37 cents under July futures. The average cash price firmed 3 3/4 cents to $5.57 1/4. SRW basis is much weaker than the three-year average of 18 cents under futures.

The national average hard red winter (HRW) wheat basis slipped a penny to 33 1/4 cents below July futures. The average cash price dropped 22 3/4 cents to $7.57 1/4. HRW basis is a little weaker than the three-year average of 31 1/2 cents under futures.

CATTLE COMMENTS

Cash cattle trade averaged $177.94 last week, up $2.79 from the previous week. Cash cattle trade has been light at steady prices in the Southern Plains so far this week, though it’s the northern market that has been by far the price leader. Last year, the cash price was $138.07.

Choice boxed beef firmed $7.54 over the past week to $305.84. Last year at this time, Choice boxed beef prices were $267.42.

HOG COMMENTS

The average lean hog carcass price slipped 12 cents over the past week to $77.48. Last year’s lean carcass price on this date was $105.40.

The pork cutout value firmed $4.40 over the past week to $85.27. Last year at this time, the cutout price stood at $110.02.