CORN COMMENTS
The national average corn basis gained 2 1/4 cents to 9 3/4 cents below December futures. The national cash corn index price increased 26 cents from last Wednesday to $4.27.
National basis is slightly firmer than the three-year average of 13 1/4 cents below futures.
SOYBEAN COMMENTS
The national average soybean basis gained 9 1/2 cents to 14 cents below November futures. The national cash soybean index price gained 25 cents from last Wednesday to $9.93.
National basis is just slightly weaker than the three-year average of 12 3/4 cents below futures. Basis has firmed significantly over the last couple of weeks and appears poised to continue to do so until processors can attract enough beans.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis firmed 1 1/4 cents to 35 1/4 cents below December futures. The average cash price increased 6 cents to $4.68. SRW basis continues to remain firmer than the three-year average of 58 3/4 cents under futures. After falling most of September, cash prices have seen modest increases in back to back weeks now.
The national average hard red winter (HRW) wheat basis gained 2 1/2 cents to 92 1/2 cents below December futures. The average cash price increased 3 cents to $3.96. HRW basis continues to trend much weaker than the three-year average of 70 1/2 cents under futures. The expectation of abundant global supply of wheat is continuing to weigh on the cash markets. With South American harvest to begin soon, we will have more of an idea on what global supplies look like.
CATTLE COMMENTS
Cash cattle trade averaged $239.82 last week, up $5.75 from the previous week. Despite the cattle on feed report being unlikely to be released Friday, traders may be slower to negotiate until later in the week this week. Weeks ending with a Cattle on Feed report are typically slower for trading.
Choice boxed beef gained $4.17over the past week to $370.65. Last year at this time, choice boxed beef prices stood at $323.96. The price of beef has gained political attention as of late and will likely remain an important topic.
HOG COMMENTS
The average lean hog carcass price fell $6.46 over the past week to $89.49. Last year’s lean carcass price on this date was $75.95.
The pork cutout value fell $2.21 over the past week to $99.75. Last year at this time, the cutout price stood at $96.67.