CORN COMMENTS
The national average corn basis firmed 5 1/4 cents to 18 3/4 cents below December futures. The national cash corn index price fell 15 3/4 cents from last Wednesday to $4.63 1/4.
National basis is weaker than the three-year average of 16 1/4 cents below futures.
SOYBEAN COMMENTS
The national average soybean basis slipped 2 cents from last week to 18 1/2 cent below November futures. The national cash soybean index price dropped 22 1/4 cents to $12.58 3/4.
National basis is still firmer than the three-year average of 24 cents below futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis widened 5 1/2 cents to 55 1/2 cents below December futures. The average cash price fell 19 cents to $6.17 3/4. SRW basis remains firmer than the three-year average of 66 1/4 cents below December futures.
The national average hard red winter (HRW) wheat basis was unchanged at 62 1/2 cents below December futures. The average cash price fell 23 1/2 cents to $6.53. HRW basis is firmer than the three-year average of 71 1/2 cents below futures.
COTTON COMMENTS
The seven-market average cotton price was 75.08 cents last week, up from 75.00 cents the previous week. Last year at this time the weekly cotton spot price was 60.88 cents. USDA reported transactions of 8,771 bales last week, up from 5,149 bales reported the week prior and compared to 4,014 from the same period a year prior.
Basis firmed 10 points from last week at 500 basis points under the December contract and is wider than the three-year average of 478 points under the contract.
CATTLE COMMENTS
Cash cattle trade averaged $210.14 last week, up 34 cents from the previous week. Last year at this time cash cattle averaged $234.07. So far this week, USDA has not reported any live cash cattle trade, continuing the trend of late-in-the-week developments for cash markets.
Choice boxed beef rose 88 cents over the past week to $376.50. Last year on this date, choice beef was $364.42.
HOG COMMENTS
The average lean hog carcass price was down $5.16 over the last week and stands at $70.36. Last year on this day the lean hog carcass value was $95.14.
The pork cutout value fell $2.26 over the past week to $79.45, according to this afternoon’s report. Last year at this time the pork cutout value was $103.76.