Midweek Cash Markets | September 13, 2023
CORN COMMENTS
The national average corn basis dropped a dime but remained 1 1/2 cents above December futures. The national average cash corn price dropped 13 1/2 cents to $4.83 3/4.
Basis is weaker than the three-year average of 8 1/4 cents above futures.
SOYBEAN COMMENTS
The national average soybean basis dropped 10 3/4 cents to 2 1/4 cents under November futures. The national average cash price dropped 37 1/4 cents to $13.47 1/2.
Basis is weaker than the three-year average of 16 3/4 cents above futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis dropped 2 3/4 cents to stand 86 1/2 cents under December futures. The average cash price dropped 14 1/2 cents to $5.10 3/4. SRW basis is much weaker than the three-year average of 29 1/2 cents under futures.
The national average hard red winter (HRW) wheat basis inched up 3/4 cent to 65 1/4 cents below December futures. The average cash price dropped 4 cents to $6.79 1/2. HRW basis is much weaker than the three-year average of 34 1/2 cents under futures.
CATTLE COMMENTS
Cash cattle trade averaged $182.28 last week, down 22 cents from the previous week. This week’s cash cattle negotiations have been slow to develop, creating uncertainty about trade, though showlist numbers are down from last week. Last year, the cash price was $143.19.
Choice boxed beef dropped another $6.02 over the past week to $307.55. Last year at this time, Choice boxed beef prices were $253.47.
HOG COMMENTS
The average lean hog carcass price firmed 19 cents over the past week to $84.08. Last year’s lean carcass price on this date was $96.23.
The pork cutout value slipped 11 cents over the past week to $98.22. Last year at this time, the cutout price stood at $106.88.
