Midweek Cash Markets | March 6, 2024
CORN COMMENTS
The national average corn basis dropped 7 1/4 cents to 6 3/4 cents below May futures. The national average cash corn price firmed 8 1/4 cents to $4.22.
Basis is weaker than the three-year average of 3/4 cent above futures.
SOYBEAN COMMENTS
The national average soybean basis dropped 3 1/4 cents to a penny under May futures. The national average cash price firmed 11 cents to $11.47 1/4.
Basis is weaker than the three-year average of 5 3/4 cents above futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis dropped 1/2 cent to 47 1/4 cents under May futures. The average cash price dropped 40 1/2 cents to $4.83 3/4. SRW basis is better than the three-year average of 75 1/4 cents under futures.
The national average hard red winter (HRW) wheat basis firmed 7 1/2 cents to 52 3/4 cents below May futures. The average cash price dropped 31 3/4 cents to $5.03 1/2. HRW basis is better than the three-year average of 56 1/4 cents under futures.
CATTLE COMMENTS
Cash cattle trade averaged $183.30 last week, up 35 cents from the previous week. This week’s cash cattle trade has been slow to develop, with cash sources expecting steady/firmer prices. Last year, the cash price was $165.40.
Choice boxed beef firmed $1.88 over the past week to $304.91. Last year at this time, Choice boxed beef prices were $284.78.
HOG COMMENTS
The average lean hog carcass price firmed $1.19 over the past week to $79.21. Last year’s lean carcass price on this date was $78.12.
The pork cutout value firmed $1.15 over the past week to $91.49. Last year at this time, the cutout price stood at $87.66.
