CORN COMMENTS
The national average corn basis slipped 1 cents to 1 1/2 cents above September futures. The national cash corn index price fell 4 cents from last Wednesday to $4.58 1/2.
National basis is weaker than the three-year average of 19 cents above futures.
SOYBEAN COMMENTS
The national average soybean basis firmed 3 1/2 cents from last week to 10 cents above November futures. The national cash soybean index price rose 12 cents to $11.93.
National basis is weaker than the three-year average of 18 cents above futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis widened 15 1/2 cents to 46 cents below September futures. The average cash price fell 5 1/4 cents to $6.07 1/2. SRW basis remains firmer than the three-year average of 48 1/2 cents below September futures.
The national average hard red winter (HRW) wheat basis firmed 2 1/4 cents to 50 1/4 cents below September futures. The average cash price rose 9 1/2 cents to $6.70 1/4. HRW basis is slightly firmer than the three-year average of 54 3/4 cents below futures.
COTTON COMMENTS
The seven-market average cotton price was 76.15 cents last week, up from 73.70 cents the previous week. Last year at this time the weekly cotton spot price was 62.29 cents. USDA reported transactions of 3,508 bales last week, up from 817 bales reported the week prior and compared to 2,377 from the same period a year prior.
Basis was unchanged from last week at 521 basis points under the October contract and is slightly wider than the three-year average of 488 points under the contract.
CATTLE COMMENTS
Cash cattle trade averaged $235.21 last week, up $2.15 from the previous week. Last year at this time cash cattle averaged $242.01. USDA has reported light cash trade with steers averaging $235.00 so far this week.
Choice boxed beef rose $4.31 over the past week to $372.28, marking consecutive week-over-week increases. Last year on this date, choice beef was $390.58.
HOG COMMENTS
The average lean hog carcass price was down $2.78 over the last week and stands at $96.82. Last year on this day the lean hog carcass value was $112.07.
The pork cutout value fell 90 cents over the past week to $100.15, according to this afternoon’s report. Last year at this time the pork cutout value was $114.70.