CORN COMMENTS
The national average corn basis widened 1/4 cent to 1 cent above May futures. The national cash corn index price decreased 6 3/4 cents from last Wednesday to $4.48 1/4.
National basis is slightly weaker than the three-year average of 4 1/4 cents above futures.
SOYBEAN COMMENTS
The national average soybean basis firmed 1 3/4 cents to 10 1/4 cents below May futures. The national cash soybean index price fell 5 1/4 cents from last week at $11.51 1/4.
National basis is weaker than the three-year average of 3 1/4 cents above futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis firmed 4 3/4 cents to 36 1/4 cents below May futures. The average cash price fell 12 1/4 cents to $5.43 3/4. SRW basis remains firmer than the three-year average of 52 1/4 cents under futures.
The national average hard red winter (HRW) wheat basis fell 5 1/4 cents to 70 1/4 cents below May futures. The average cash price decreased 24 cents to $5.24 1/2. HRW basis continues to be weaker than the three-year average of 49 cents under futures.
COTTON COMMENTS
The seven-market average cotton price last week was 66.95 cents, up 226 points from the previous week. Last year at this time the weekly cotton spot price was 63.30 cents. USDA reported transactions of 40,550 bales last week, up from 15,336 bales reported the week prior and compared to 39,900 from the same period a year prior.
Basis is unchanged from last week and currently sits at 332 points under the May board and is firmer than the three year average of 421 points under the contract.
CATTLE COMMENTS
Cash cattle trade averaged $244.96 last week, up $9.27 from the previous week and is the highest weekly average since February. USDA has reported no cash trade so far this week.
Choice boxed beef fell $14.76 over the past week to $379.66. Last year on this day choice beef was $338.10. Boxed beef values have dropped sharply, and when combined with higher cash cattle trade, has heavily impacted packer margins.
HOG COMMENTS
The average lean hog carcass price was down 21 cents over the last week and currently stands at $90.46. Last year’s lean carcass price on this date was $87.10.
The pork cutout value gained $1.33 over the past week to $96.91 according to this afternoon’s report. Last year at this time, the cutout price stood at $93.45.