Midweek Cash Markets | July 19, 2023
CORN COMMENTS
The national average corn basis slipped 3/4 cent but remained 53 1/2 cents above September futures. The national average cash corn price jumped 68 cents to $5.99.
Basis is a little weaker than the three-year average of 62 cents above futures.
SOYBEAN COMMENTS
The national average soybean basis firmed 3/4 cent to 16 1/4 cents above August futures. The national average cash price firmed 48 cents to $15.07 3/4.
Basis is weaker than the three-year average of 32 cents above futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis dropped 7 1/4 cents to 45 1/4 cents under September futures. The average cash price firmed 87 3/4 cents to $6.82 1/2. SRW basis is much weaker than the three-year average of 18 3/4 cents under futures.
The national average hard red winter (HRW) wheat basis firmed 1/4 cent to 46 3/4 cents below September futures. The average cash price firmed 64 cents to $8.20. HRW basis is much weaker than the three-year average of 29 cents under futures.
CATTLE COMMENTS
Cash cattle trade averaged $184.27 last week, up $2.21 from the previous week. Cash cattle are expected to trade higher again this week. Last year, the cash price was $141.12.
Choice boxed beef fell another $7.39 over the past week to $303.59. Last year at this time, Choice boxed beef prices were $270.53.
HOG COMMENTS
The average lean hog carcass price firmed $4.28 over the past week to $100.66. Last year’s lean carcass price on this date was $117.29.
The pork cutout value firmed another $1.95 over the past week to $112.61. Last year at this time, the cutout price stood at $124.37.
