Midweek Cash Markets | February 7, 2024

CORN COMMENTS

The national average corn basis dropped 1 3/4 cents to 1/2 cent below March futures. The national average cash corn price dropped 15 3/4 cents to $4.33 3/4.

Basis is weaker than the three-year average of 6 cents above futures.

SOYBEAN COMMENTS

The national average soybean basis dropped 3 1/2 cents to 1 1/4 cents below March futures. The national average cash price dropped 36 3/4 cents to $11.87 3/4.

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

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis dropped 2 1/2 cents to 59 1/4 cents under March futures. The average cash price firmed 4 1/4 cents to $5.42 3/4. 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 held at 58 1/2 cents below March futures. The average cash price dropped 3 3/4 cents to $5.59 3/4. HRW basis is much weaker than the three-year average of 32 3/4 cents under futures.

CATTLE COMMENTS

Cash cattle trade averaged $177.80 last week, up $2.36 from the previous week. Cash cattle are expected to trade higher again this week. Last year, the cash price was $159.62.

Choice boxed beef firmed 44 cents over the past week to $294.98. Last year at this time, Choice boxed beef prices were $267.20.

HOG COMMENTS

The average lean hog carcass price firmed $1.49 over the past week to $72.78. Last year’s lean carcass price on this date was $73.08.

The pork cutout value dropped $3.57 over the past week to $83.99. Last year at this time, the cutout price stood at $79.12.